Velodyne Lidar has not yet reached stockholder votes required for Ouster merger

Velodyne Lidar (VLDR) is urging stockholders to cast their votes in favor of the proposed merger with Ouster (OUST). As of January 23, over 97% of those voting have voted to approve the proposal to effect the merger. At this time, Velodyne has not reached the minimum quorum. Voters must cast their votes in order to be counted in the special meeting of stockholders on January 26. "We are pleased that our shareholders have overwhelmingly voted in favor of the proposed merger so far," said Ted Tewksbury, CEO and member of Velodyne’s Board of Directors. Dr. Tewksbury will serve as Executive Chairman of the combined company upon the successful completion of the proposed merger. "The stockholders voting to date, including our management team and Board of Directors, recognize the transformative attributes and synergies of the transaction, which will best position the Company to generate long-term value for all stockholders." Tewksbury continued, "Voting by each of our stockholders is very important and every vote counts – no matter the size of your position. As a condition for the merger to proceed, we need over 50% of our outstanding shares to be voted affirmatively "FOR" the merger before the Special Meeting of Stockholders is held on January 26, 2023. At present, we have not reached the votes required for the meeting quorum. We urge stockholders of record to vote today and we thank you in advance for your support."