(Bloomberg) — Velodyne Lidar Inc. shares more than doubled in late trading after Amazon.com Inc. acquired warrants that could lead to a small stake in the auto-sensor maker.
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Velodyne agreed to issue to Amazon a warrant to acquire more than 39 million shares or as much as 5%, according to a filing; the warrant shares will vest over time as Amazon makes payments to Velodyne.
Velodyne is one of several startups that have gone public in the past two years by merging with so-called blank check companies, known as special purpose acquisition companies, or SPACs.
It’s the latest example of Amazon investing in its business partners in order to benefit from upside associated with the relationship. Amazon in March invested $131 million for a minority stake of air cargo operator Air Transport Services Group Inc. On Thursday, Amazon announced its 2019 investment in…
