secwatch.observer — SEC 8-K summary
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Issuer:     Ouster, Inc. (OUST)
CIK:        0001816581
Form:       8-K
Filed at:   2022-11-07T23:59:59+00:00
Accession:  0001193125-22-278440
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Ouster and Velodyne merge in all-stock deal; Velodyne stockholders get 0.8204 Ouster shares each
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- Exchange ratio of 0.8204 Ouster shares per Velodyne share; combined ownership ~50% each on fully diluted basis.
- Expected close in first half 2023; subject to stockholder and regulatory approvals, Hart-Scott-Rodino.
- Post-closing board: 4 directors each from Ouster and Velodyne; Ted Tewksbury (Velodyne CEO) as executive chairman, Angus Pacala (Ouster CEO) remains CEO.
- Termination fee of $7M payable in certain circumstances; parties agree to dismiss pending litigation between them.
- Hercules loan covenant amended: post-close Ouster must maintain at least $60M liquidity; trailing revenue covenant eliminated.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1816581/000119312522278440/0001193125-22-278440-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1816581/000119312522278440/d386513d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-278440

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer