Velodyne becomes latest tech company to go public using a SPAC, eschewing the traditional IPO path

Velodyne Lidar, the leading supplier of a sensor widely considered critical to the commercial deployment of autonomous vehicles, said Thursday it has struck a deal to merge with special-purpose acquisition company Graf Industrial Corp., with a market value of $1.8 billion. The company said it able to raise $150 million in private investment in public equity, or PIPE, from new institutional investors as well as existing shareholders of Graf Industrial. Through the transaction, Velodyne will have about $192 million in cash on its balance sheet.

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