Luminar Merges with Gores Metropoulos
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., 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.
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