Luminar raises nearly $600M gross proceeds;
begins trading Dec 3rd under ticker “LAZR”
Luminar Technologies, Inc. (“Luminar”), the global leader in
automotive lidar hardware and software technology, and Gores
Metropoulos, Inc. (“Gores Metropoulos”) (Nasdaq: GMHI, GMHIU and
GMHIW), a special purpose acquisition company sponsored by an
affiliate of The Gores Group, LLC and an affiliate of Metropoulos
and Co., today announced the completion of their previously
announced business combination (the “Business Combination”). The
combined company will retain the Luminar Technologies, Inc. name
and will commence trading on Nasdaq under the new ticker symbol
“LAZR” on December 3, 2020. The Business Combination was approved
at a special meeting of Gores Metropoulos stockholders on December
1, 2020.
The successful completion of the Business Combination is
reinforced by several landmark achievements in 2020, including the
introduction of Luminar’s Iris LiDAR and software products for
series production across all three industry verticals: consumer
vehicles, trucking, and robo-taxis. Earlier this year, Luminar
signed the industry’s first production deal for autonomous consumer
vehicles with Volvo Cars, while also recently striking deals with
Daimler Truck AG and Intel’s Mobileye. Following the Business
Combination, Luminar expects to accelerate commercial growth across
its over 50 commercial partners while further expanding its
autonomous software and Proactive safety ADAS solutions. Luminar’s
Iris is designed into vehicle models planned to commence series
production starting in 2022.
“This is an incredibly proud moment for the entire Luminar team
and a milestone for the industry at large,” said Austin Russell,
Founder and CEO of Luminar. “Over the past few years, we’ve made
the transition from a technology development startup to now a
global provider of autonomous systems to many of the world’s
largest OEMs and commercial trucking players to power their
autonomous future in production. We look forward to accelerating
widespread commercial adoption of autonomy and proactive safety
solutions and embarking on the next phase of our journey as a
public company, which will solidify our leadership position well
into the future and enable autonomy at an unprecedented scale.”
Alec Gores, CEO of Gores Metropoulos, said, “Luminar is
unrivaled in its technology and ability to enable autonomy for
production vehicles. As a public company, Luminar will now have the
platform to fully execute against its vision, further accelerate
its commercial programs and expand its already dominant market
leadership. We are excited to close this transaction, and I look
forward to continuing to work alongside Austin and the entire
management team to make our safe autonomous future a reality.”
Transaction Details
As a result of the Business Combination, Luminar has received
approximately $590 million total cash. This includes $406 million
from Gores Metropoulos, as well as $184 million in proceeds from
the financing completed in connection with the announcement of the
Business Combination, 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. Upon closing of the Business Combination, Alec Gores,
CEO of Gores Metropoulos, joined Luminar’s Board of Directors.
Advisors
Deutsche Bank Securities served as exclusive financial advisor,
lead capital markets advisor and sole private placement agent to
Gores Metropoulos. Credit Suisse LLC served as additional capital
markets advisor and Moelis & Company LLC acted as additional
financial advisor to Gores Metropoulos. Weil, Gotshal & Manges,
LLP acted as legal advisor to Gores Metropoulos.
GCA Advisors, LLC and Jefferies Group LLC served as financial
advisors to Luminar. GCA Advisors, LLC served as sole private
placement agent on the direct investment into Luminar and Orrick,
Herrington & Sutcliffe LLP acted as legal advisor to
Luminar.
Additional information about the completed Business Combination
will be provided in a Current Report on Form 8-K to be filed by
Luminar Technologies, Inc. with the Securities and Exchange
Commission and available at www.sec.gov.
About Luminar Technologies
Luminar is an autonomous vehicle sensor and software company
with the vision to make autonomy safe and ubiquitous by delivering
the only lidar and associated software that meets the industry’s
stringent performance, safety, and economic requirements. Luminar
has rapidly gained over 50 industry partners, including 7 of the
top 10 global automotive OEMs. Earlier this year, Luminar signed
the industry’s first production deal for autonomous consumer
vehicles with Volvo Cars, while also recently striking deals with
Daimler Truck AG and Intel’s Mobileye. Luminar has also received
minority investments from the world’s largest commercial vehicle
manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in
automotive safety, to accelerate the introduction of autonomous
trucks and cars at highway speed. Founded in 2012, Luminar is a
350-person team with offices in Palo Alto, Orlando, Colorado
Springs, Detroit, and Munich. For more information please visit
www.luminartech.com.
About Gores Metropoulos, Inc.
Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU and GMHIW) 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.
Forward Looking Statements
This press release includes forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These statements
may be identified by words such as “accelerate,” “feel,”
“believes,” expects,” “estimates,” “projects,” “intends,” “should,”
“will,” “future” “is to be,” or the negative of such terms, or
other comparable terminology. Forward-looking statements are
statements that are not historical facts. Such forward-looking
statements are not guarantees of future performance and are subject
to risks and uncertainties, which could cause actual results to
differ materially from the forward-looking statements contained
herein due to many factors, including, but not limited to:
Luminar’s limited operating history; Luminar’s inability to reduce
and control the cost of the inputs on which Luminar relies; the
success of Luminar’s customers in developing and commercializing
products using Luminar’s solutions; Luminar’s ability to protect
its intellectual property rights; Luminar’s ability to meet
Nasdaq’s listing standards following the consummation of the
transactions contemplated by the Business Combination; the risk
that the Business Combination disrupts current plans and operations
of Luminar or its subsidiaries as a result of the announcement and
consummation of the transactions described herein; the ability to
recognize the anticipated benefits of the Business Combination,
which may be affected by, among other things, competition, the
ability of Luminar to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; changes in applicable laws or
regulations; the possibility that Luminar may be adversely affected
by other economic, business and/or competitive factors; the effects
of the ongoing coronavirus (COVID-19) pandemic or other infectious
diseases, health epidemics, pandemics and natural disasters on
Luminar’s business; and those factors discussed in the Gores
Metropoulos’ registration statement on Form S-4 (No. 333-248794)
under the heading “Risk Factors,” filed with the Securities and
Exchange Commission. You are cautioned not to place undue reliance
upon any forward-looking statements. Any forward-looking statements
speak only as of the date on which they are made, and Luminar
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date of this press
release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201202005741/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
Luminar Technologies (NASDAQ:LAZRW)
Historical Stock Chart
From May 2024 to Jun 2024
Luminar Technologies (NASDAQ:LAZRW)
Historical Stock Chart
From Jun 2023 to Jun 2024