LiDAR Company Luminar to Be Listed on Nasdaq Through Merger with Gores Metropoulos

Luminar announced that it has entered into a definitive agreement to merge with Gores Metropoulos and once the transaction finished, the combined company will be listed on Nasdaq under “LAZR.”

Luminar is set to power the introduction of highway self-driving and next-generation safety systems and is partnered with 7 of the top 10 global automakers including Volvo and Audi. Starting in 2022, Luminar’s hardware and software will be integrated into Volvo’s global vehicle platform, the foundation for their next generation of consumer vehicles.


(Image: Luminar/Volvo)

Austin Russell, founder and CEO of Luminar, commented that, “Today, we are making our next industry leap through our new long-term partnership with Gores Metropoulos, a team that has deep experience in technology and automotive and shares our vision of a safe autonomous future powered by Luminar.”

The combined company of Luminar and Gores Metropoulos will have an implied pro forma enterprise value of approximately $2.9 billion and an equity value of approximately $3.4 billion at closing. As part of the transaction, Luminar’s stockholders will receive approximately 271.8 million shares of Gores Metropoulos common stock at closing. The $170 million investment made directly into Luminar is led by institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ, with the majority of the major existing investors participating. Net transaction proceeds will remain in the company and support continued growth across key verticals as Luminar executes on significant production and development opportunities.

All current Luminar stockholders will roll the entirety of their existing equity holdings into the combined company. The transaction, which has been unanimously approved by the boards of directors of both Luminar and Gores Metropoulos, is expected to close in the fourth quarter of 2020.

Following completion of the transaction, Luminar will retain its experienced management team. Founder Austin Russell will continue to serve as CEO and Tom Fennimore will continue to serve as CFO. Alec Gores will join the Luminar board of directors upon closing of the transaction.

Luminar today also announced it has scaled its software team with the addition of 16 former members of Samsung's Munich-based DRVLINE platform team that were previously responsible for delivering ADAS functionality to its mobility customers. Luminar will leverage this team to bring a full-stack LiDAR-based ADAS and Level 4 highway autonomy product offering to market.
 

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.

A Breakthrough in Combating Water, Surface and Airborne Pathogens. Crystal IS, a subsidiary of Asahi Kasei, has launched Klaran LA®—the newest addition to its industry-leading Germicidal UVC LED product line. Klaran LA® represent... READ MORE

Thanks to the special batwing optics, greenhouse owner can enlarge the distance between the single lamps without a decrease in light quality for the plants.   - Oslon Square Batwing extends ams OSRAMs comprehensive and market-leading port... READ MORE