10:31 AM EDT, 07/29/2024 (MT Newswires) -- Cepton ( CPTN ) shares gained by more than 18% in recent trading Monday after the sensor company said it had agreed to be acquired by Japan's Koito Manufacturing for $3.17 per share in cash.

The purchase price represents a premium of about 25.3% to Cepton's ( CPTN ) closing market price on Friday, the company said.

The deal is expected to close in Q1 2025, subject to approval of Cepton's ( CPTN ) shareholders, regulatory clearance and other conditions, Cepton ( CPTN ) said.

Cepton ( CPTN ) said that, after the deal, it will operate as a privately held indirect unit of Koito in the US.

Price: 2.99, Change: +0.46, Percent Change: +18.18