We are advising KOITO on its investment in convertible preferred stock

Davis Polk is advising KOITO MANUFACTURING CO., LTD. in connection with its $100 million strategic investment in newly issued convertible preferred stock of Cepton, Inc., a Nasdaq listed company. The closing of the transaction is subject to the approval of Cepton’s shareholders and other customary closing conditions. KOITO is providing interim financing to Cepton through a secured term loan.

KOITO, based in Tokyo is engaged in the manufacturing and marketing of automotive lighting equipment, aircraft parts and electrical equipment. Its products are widely used by automotive makers worldwide. Cepton provides lidar-based solutions for automotive, smart cities, smart spaces and smart industrial applications in the United States, Japan and internationally. Cepton was founded in 2016 and is headquartered in San Jose, California.

The Davis Polk corporate team includes partner Ken Lebrun and associates Paul Jun and Paul Lee. Partner Kara L. Mungovan is providing tax advice. Partner James A. Florack and associate Catalina Ford are providing finance advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Kyoko Takahashi Lin is providing executive compensation advice. Counsel Michael Comstock is providing environmental advice. Members of the Davis Polk team are based in the Tokyo and New York offices.