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      Prospector (PRSR) Surged After-Hours On A Strategic Move

      By Fahim Awan

      Published on

      December 18, 2023

      9:01 AM UTC

      Prospector (PRSR) Surged After-Hours On A Strategic Move

      Prospector Capital Corp. (NASDAQ: PRSR) shares exhibited noteworthy resilience during Friday’s after-market session. Notably, the stock experienced a commendable uptick of 14.54%, reaching $4.57 in the extended trading period, thereby partially mitigating the preceding 22.82% decline to $3.99 in the regular session. This positive trajectory in PRSR stock value can be attributed to the successful conclusion of a business combination transaction and a subsequent dividend disbursement.

      In a recent development, Prospector Capital Corp. (PRSR) declared its intention to distribute an additional Prospector Class A Share as part of its dividend issuance for the month. This dividend will be allocated to shareholders who opt not to redeem their Prospector Class A Shares, with one additional share granted for each non-redeemed share.

      This announcement is intricately linked to the finalization of the proposed business combination involving PRSR, LeddarTech Inc. (a corporation governed by Canadian laws), and LeddarTech Holdings Inc. (a Canadian company and wholly owned subsidiary of LeddarTech).

      Simultaneously with this announcement, Prospector conveyed that its board of governors has officially marked December 15, 2023, as the benchmark date for distributing the Dividend Shares—an occurrence expected to align with the Closing Date, under the assumption that the buyback of any Prospector Class A Shares transpires on that very day.

      It’s vital to highlight that the issuance of Dividend Shares hinges on the prosperous completion of the Business Combination on the designated date. As previously disclosed, Prospector conducted an extraordinary general meeting of shareholders on December 13, 2023, primarily to secure approval for the Business Combination, which included the merger with LeddarTech.

      Upon fulfilling all conditions for the Business Combination’s closure, including shareholder approval, the merged entity is poised to operate under the name LeddarTech Inc. The company is set to be publicly traded on NASDAQ under the ticker symbol “LDTC,” accompanied by warrants under the ticker “LDTCW.”

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