Lidar maker AEye valuation slips to $1.5 billion on new SPAC merger terms

AEye Inc and a blank-check firm backed by financial services company Cantor Fitzgerald on Monday amended their merger agreement, valuing the lidar sensor maker at $1.52 billion, citing valuation changes of publicly traded lidar companies.

In February, AEye had agreed to go public through a merger with special purpose acquisition company (SPAC) CF Finance Acquisition Corp III, in a deal that valued the company at $2 billion.

The companies attributed the terms of the amended deal to “changing conditions” in the automotive lidar industry.