Gores Metropoulos shares rose 7% to $11.40 in Nasdaq trading on Monday. Founder Russell, a Forbes 30 Under 30 alum, will continue as CEO, Tom Fennimore will remain as CFO and Alec Gores will join the Luminar board.Īdditionally, Luminar said it hired 16 members of Samsung's Munich-based DRVLINE software team to help strengthen its development team. Luminar (NASDAQ: LAZR) is a technology firm focused on developing light detection and ranging technologies, known as lidar. Luminar, which creates lidar technology critical to many automakers’ autonomous driving efforts, is going public on Thursday through a special purpose acquisition company (SPAC) and the deal. The merger is expected to close in 2020’s fourth quarter. and became the youngest self-made billionaire can add a new title to his business card: media mogul.
Current Luminar investors will receive about 272 million shares of Gores Metropoulos common stock at closing. The young Stanford-educated engineer who founded lidar sensor maker Luminar Technologies Inc. The young Stanford-educated engineer who founded lidar sensor maker Luminar Technologies Inc.
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Luminar and Gores Metropoulos said 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. (CEO Elon Musk has described it as a “ fool’s errand.”) Lidar’s ability to instantly create detailed 3D, point-cloud maps of a vehicle’s surroundings in daylight or darkness has made it essential technology for virtually every company working to perfect safe autonomous driving, with the notable exception of Tesla TSLA.
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