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Luminar Merges with Gores Metropoulos

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Luminar, an automotive lidar company, has entered into a definitive agreement to merge with Gores Metropoulos Inc. Upon completion of the transaction, the combined company will retain the Luminar Technologies Inc. name and will be listed on the Nasdaq composite under the new ticker symbol “LAZR.”

The combined company will have an implied pro forma enterprise value of approximately $2.9 billion and an equity value of approximately $3.4 billion at closing. After giving effect to any redemptions by the public stockholders of Gores Metropoulos, the balance of approximately $400 million cash held in Gores Metropoulos, together with the $170 million in immediate financing proceeds, will remain in the company and a portion will be used to pay transaction expenses. 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 and 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.


Vision-Spectra.com
Aug 2020
GLOSSARY
lidar
An acronym of light detection and ranging, describing systems that use a light beam in place of conventional microwave beams for atmospheric monitoring, tracking and detection functions. Ladar, an acronym of laser detection and ranging, uses laser light for detection of speed, altitude, direction and range; it is often called laser radar.
BusinesslidarAmericasmergersLuminarLuminar TechnologiesLuminar Technologies Inc.

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