New deals and increased volume lead to
estimated $1.3B Order Book by year end, up from $1B target
Gores Metropoulos, Inc. (“Gores Metropoulos”) (Nasdaq: GMHI,
GMHIU, GMHIW), a special purpose acquisition company, announced
today that Luminar Technologies, Inc. (“Luminar”), the global
leader in automotive lidar and software technology powering the
introduction of highway autonomy, with which Gores Metropoulos has
signed a definitive Merger Agreement, has announced a number of
major business updates and milestones.
Luminar OEM Programs Accelerating to Production
- Luminar’s partnership with the largest global truck OEM to
pursue a common goal of bringing series produced, highly automated
trucks (SAE L4) to roads globally accelerates Luminar’s leadership
position in trucking autonomy; now partnered with nearly all major
programs for long-haul highway automation
- Luminar is engaged with 50% more OEM programs for series
production deals to be awarded over next 24 months (now 12, up from
8 in August; only 4 modeled in financial forecast)
Deliverables Met, Cost-Down Curve Ahead of Forecast
- Luminar executed exclusive supply agreements for all three of
its key lidar components (receiver, ASIC, and laser), locking in an
estimated sub $100 hardware cost in volume
- Luminar is concluding a Contract Manufacturer selection process
for series production of Iris; lead partner and factory selected in
Mexico
- Luminar is on-track for powering series production vehicles in
2022: delivered key milestone of Iris B-samples; shipped to its
lead series production partner Volvo Cars and live on vehicles
Confirmed & Raised Financial Outlook
- Luminar is increasing its target 2020 Order Book from $1
billion to approximately $1.3 billion, due to new OEM deals and
increased existing customer volume outlook provided
“Since announcing our deal with Gores Metropoulos just two and a
half months ago, our full team has been intensely executing and
substantially exceeding our projected annual milestones,” said
Austin Russell, Founder and CEO of Luminar. “Our accelerating
customer engagements and foray into owning the long-haul autonomous
trucking market are paying off, reaffirming our unique ability to
enable highway autonomy for both cars and trucks in series
production. As we approach closing of our merger with major OEM
deals in hand, we’ve now gained substantial long-term visibility as
we continue our hyper-growth trajectory as a public company.”
Alec Gores, CEO of Gores Metropoulos, said, “Luminar has
advanced leaps and bounds since announcing our pending merger in
August. Luminar’s unparalleled technology and strong momentum is
accelerating its command of the market for autonomous consumer
vehicles and now autonomous trucks. We know this is only the
beginning of even greater achievements to come.”
Luminar and Gores Metropoulos expect to close the proposed
transaction in Q4 2020, as expected. Upon completion, Gores
Metropoulos will change its name to Luminar Technologies, Inc. and
will be listed on the Nasdaq under the new ticker symbol
“LAZR”.
For additional information and in connection with these updates,
Luminar provided additional information with respect to the Merger
Agreement and the proposed business combination in an updated
investor presentation today, which can be accessed from the
“Investor” section of the Luminar website at
https://luminartech.com/investors.
About Luminar
Luminar is an autonomous vehicle sensor and software company
with the vision to make self-driving safe and ubiquitous by
delivering the only lidar and perception platform that meets the
industry’s stringent performance, safety, and economic
requirements. Luminar has rapidly gained 50 industry partners,
including 7 of the top 10 global automotive OEMs, and has received
minority investments from the world’s largest commercial vehicle
manufacturer, Daimler Truck AG and Volvo Cars, a global leader in
automotive safety, to bring autonomous trucks and cars to highways,
respectively. Founded in 2012, Luminar is a 350-person team with
offices in Palo Alto, Orlando, Colorado Springs, Detroit, and
Munich.
In August 2020, Luminar announced that it has entered into a
definitive agreement to merge with Gores Metropoulos, Inc. (“Gores
Metropoulos”) (Nasdaq: GMHI, GMHIU and GMHIW), a special purpose
acquisition company sponsored by an affiliate of The Gores Group,
LLC.
For more information please visit www.luminartech.com.
About Gores Metropoulos, Inc.
Gores Metropoulos is a special purpose acquisition company
sponsored by an affiliate of The Gores Group, LLC, a global
investment firm founded in 1987 by Alec Gores, and by an affiliate
of Dean Metropoulos of Metropoulos & Co. Gores Metropoulos was
formed for the purpose of entering into a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Mr. Gores
and Mr. Metropoulos together have more than 65 years of combined
experience as entrepreneurs, operators and investors across diverse
sectors including industrials, technology, media and entertainment,
business services, healthcare and consumer products and services.
Over the course of their careers, Mr. Gores and Mr. Metropoulos and
their respective teams have invested in more than 180 portfolio
companies through varying macroeconomic environments with a
consistent, operationally-oriented investment strategy. For more
information, please visit www.gores.com
Additional Information about the Transactions and Where to
Find It
Gores Metropoulos has filed with the SEC a registration
statement on Form S-4 (the “Registration
Statement”) and has mailed the definitive proxy
statement/consent solicitation statement/prospectus contained
therein and other relevant documents to its stockholders. The
Registration Statement is now effective. The Registration
Statement, including the proxy statement/consent solicitation
statement/prospectus contained therein, contains important
information about the proposed transactions contemplated by the
Merger Agreement and the other matters to be voted upon at a
meeting of Gores Metropoulos’ stockholders to be held to approve
the proposed transactions contemplated by the Merger Agreement and
other matters (the “Special Meeting”)
and is not intended to provide the basis for any investment
decision or any other decision in respect of such matters. Gores
Metropoulos stockholders and other interested persons are advised
to read the Registration Statement and the proxy statement/consent
solicitation statement/prospectus, as well as any amendments or
supplements thereto, because they contain important information
about the proposed transactions. The definitive proxy
statement/consent solicitation statement/prospectus has been mailed
to Gores Metropoulos stockholders as of October 14, 2020, the
record date established for voting by Gores Metropoulos
stockholders on the proposed transactions contemplated by the
Merger Agreement and the other matters to be voted upon at the
Special Meeting. Gores Metropoulos stockholders will also be able
to obtain copies of the definitive proxy statement/consent
solicitation statement/prospectus, without charge, at the SEC’s
website at www.sec.gov or by directing a request to: Gores
Metropoulos, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA
90212, attention: Jennifer Kwon Chou (email: jchou@gores.com).
Participants in Solicitation
Gores Metropoulos, Luminar and their respective directors and
officers may be deemed participants in the solicitation of proxies
of Gores Metropoulos stockholders in connection with the proposed
transactions. Gores Metropoulos stockholders and other interested
persons may obtain, without charge, more detailed information
regarding the directors and officers of Gores Metropoulos in Gores
Metropoulos’ Annual Report on Form 10-K for the fiscal year ended
December 31, 2019, which was filed with the SEC on March 13, 2020.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies to Gores
Metropoulos stockholders in connection with the proposed
transactions contemplated by the Merger Agreement and other matters
to be voted upon at the Special Meeting is set forth in the
definitive proxy statement/consent solicitation
statement/prospectus for the proposed transactions. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the proposed
transactions is included in the Registration Statement.
Forward Looking Statements
This communication may contain a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include information
concerning Gores Metropoulos’ or Luminar’s possible or assumed
future results of operations, business strategies, debt levels,
competitive position, industry environment, potential growth
opportunities and the effects of regulation, including whether this
transaction will generate returns for stockholders. These
forward-looking statements are based on Gores Metropoulos’ or
Luminar’s management’s current expectations, estimates, projections
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose” and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Gores Metropoulos’ or Luminar’s
management’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: (a) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement and the
proposed transactions contemplated thereby; (b) the inability to
complete the transactions contemplated by the Merger Agreement due
to the failure to obtain approval of the stockholders of Gores
Metropoulos or other conditions to closing in the Merger Agreement;
(c) the ability to meet Nasdaq’s listing standards following the
consummation of the transactions contemplated by the Merger
Agreement; (d) the risk that the proposed transactions disrupt
current plans and operations of Luminar or its subsidiaries as a
result of the announcement and consummation of the transactions
described herein; (e) the ability to recognize the anticipated
benefits of the proposed transactions, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (f) costs related to the proposed
transactions; (g) changes in applicable laws or regulations; (h)
the possibility that Luminar may be adversely affected by other
economic, business and/or competitive factors; and (i) other risks
and uncertainties indicated from time to time in the final
prospectus of Gores Metropoulos, including those under “Risk
Factors” therein, and other documents filed or to be filed with the
SEC by Gores Metropoulos. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made.
Forward-looking statements included in this communication speak
only as of the date of this communication. Except as required by
law, neither Gores Metropoulos nor Luminar undertakes any
obligation to update or revise its forward-looking statements to
reflect events or circumstances after the date of this release.
Additional risks and uncertainties are identified and discussed in
Gores Metropoulos’ reports filed with the SEC and available at the
SEC’s website at www.sec.gov.
Disclaimer
This communication is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the proposed transactions or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201110005750/en/
Media Nicole Phelan
press@luminartech.com
Jennifer Kwon Chou The Gores Group jchou@gores.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Luminar-SVC@sardverb.com
Investors Michael Beer
michaelbeer@luminartech.com
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