|Bid||0.00 x 1000|
|Ask||0.00 x 1400|
|Day's Range||23.18 - 25.54|
|52 Week Range||9.87 - 32.50|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
This morning, Tesla (NASDAQ: TSLA) inked a "five-year fixed-price binding agreement" to secure lithium supplies from Australian miner Piedmont Lithium (NYSE: PLL). News of the deal sent Tesla shares 3% higher in morning trading and is spilling over to boost the share prices of a host of other electric vehicle stocks. In particular, shares of special purpose acquisition company Tortoise Acquisition (NYSE: SHLL), which aims to bring electric-truck drivetrain maker Hyliion public in a reverse merger IPO this week, were up 11% this morning.
During that time, the warrants (GRAF.WS) around the company have been hit hard as well. There seems to be some confusion around the GRAF warrants as they aren't the typical one-for-one. Instead, these warrants permit a warrant holder to purchase 3/4 of a share at $11.50.
Velodyne Lidar and Graf Industrial Corp (NYSE: GRAF) have set a date to vote on their merger.What Happened: Shareholders will vote Sept. 29 to approve Velodyne Lidar going public via a SPAC.Shares will trade on the NASDAQ under the ticker symbol "VLDR" if the deal is approved.Why It's Important: Velodyne Lidar is one of the world's leading lidar technology companies. The company has strategic investments with Ford Motor Company (NYSE: F) and Baidu Inc (NASDAQ: BIDU).Velodyne announced in a business update that it had signed additional multiyear customer agreements.Customer agreements now account for $970 million in revenue through 2024 in the company's outlook, an increase of $130 million since the merger was announced.Velodyne reaffirmed a revenue estimate of $101 million for fiscal 2020.A previous outlook called for revenue to hit $680 million in fiscal 2024.Rival lidar company Luminar, a leader in the automotive industry, is also going public via a SPAC.Gores Metropoulos (NASDAQ: GMHI) is taking Luminar public with a $3.4-billion valuation. Velodyne was valued at $1.8 billion at the time of its announced deal.GRAF Price Action: Shares of Graf Industrial ended Tuesday's session down 2.29% at $25.62. The Twinny Nargo, an autonomous freight robot with Velodyne technology. Photo courtesy of Velodyne. See more from Benzinga * Apple Announces Fitness+ And Bundling Service Along With Watch, iPad Upgrades * Snowflake Inc IPO: What Investors Need To Know * ESPN Deal Extends DraftKings 'Already Large Marketing Reach'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.