PALO ALTO & LOS ANGELES, Calif.–(BUSINESS WIRE)–Dec 2, 2020–
Luminar Technologies, Inc. (“Luminar”), the all-around baton in automotive lidar accouterments and software technology, and Gores Metropoulos, Inc. (“Gores Metropoulos”) (Nasdaq: GMHI, GMHIU and GMHIW), a appropriate purpose accretion aggregation sponsored by an associate of The Gores Group, LLC and an associate of Metropoulos and Co., today appear the achievement of their ahead appear business aggregate (the “Business Combination”). The accumulated aggregation will absorb the Luminar Technologies, Inc. name and will arise trading on Nasdaq beneath the new ticker attribute “LAZR” on December 3, 2020. The Business Aggregate was accustomed at a appropriate affair of Gores Metropoulos stockholders on December 1, 2020.
The acknowledged achievement of the Business Aggregate is able by several battleground achievements in 2020, including the addition of Luminar’s Iris LiDAR and software articles for alternation assembly beyond all three industry verticals: customer vehicles, trucking, and robo-taxis. Earlier this year, Luminar active the industry’s aboriginal assembly accord for free customer cartage with Volvo Cars, while additionally afresh arresting deals with Daimler Truck AG and Intel’s Mobileye. Afterward the Business Combination, Luminar expects to advance bartering advance beyond its over 50 bartering ally while added accretion its free software and Proactive assurance ADAS solutions. Luminar’s Iris is advised into abettor models planned to arise alternation assembly starting in 2022.
“This is an abundantly appreciative moment for the absolute Luminar aggregation and a anniversary for the industry at large,” said Austin Russell, Founder and CEO of Luminar. “Over the accomplished few years, we’ve fabricated the alteration from a technology development startup to now a all-around provider of free systems to abounding of the world’s better OEMs and bartering trucking players to adeptness their free approaching in production. We attending advanced to accelerating boundless bartering acceptance of freedom and proactive assurance solutions and embarking on the abutting appearance of our adventure as a accessible company, which will coalesce our administration position able-bodied into the approaching and accredit freedom at an aberrant scale.”
Alec Gores, CEO of Gores Metropoulos, said, “Luminar is incomparable in its technology and adeptness to accredit freedom for assembly vehicles. As a accessible company, Luminar will now accept the belvedere to absolutely assassinate adjoin its vision, added advance its bartering programs and aggrandize its already ascendant bazaar leadership. We are aflame to abutting this transaction, and I attending advanced to continuing to assignment alongside Austin and the absolute administration aggregation to accomplish our safe free approaching a reality.”
As a aftereffect of the Business Combination, Luminar has accustomed about $590 actor absolute cash. This includes $406 actor from Gores Metropoulos, as able-bodied as $184 actor in gain from the costs completed in affiliation with the advertisement 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. Aloft closing of the Business Combination, Alec Gores, CEO of Gores Metropoulos, abutting Luminar’s Board of Directors.
Deutsche Bank Securities served as absolute banking advisor, advance basic markets adviser and sole clandestine adjustment abettor to Gores Metropoulos. Credit Suisse LLC served as added basic markets adviser and Moelis & Aggregation LLC acted as added banking adviser to Gores Metropoulos. Weil, Gotshal & Manges, LLP acted as acknowledged adviser to Gores Metropoulos.
GCA Advisors, LLC and Jefferies Group LLC served as banking admiral to Luminar. GCA Advisors, LLC served as sole clandestine adjustment abettor on the absolute advance into Luminar and Orrick, Herrington & Sutcliffe LLP acted as acknowledged adviser to Luminar.
Additional advice about the completed Business Aggregate will be provided in a Accepted Report on Form 8-K to be filed by Luminar Technologies, Inc. with the Securities and Barter Commission and accessible at www.sec.gov.
About Luminar Technologies
Luminar is an free abettor sensor and software aggregation with the eyes to accomplish freedom safe and all-over by carrying the alone lidar and associated software that meets the industry’s acrimonious performance, safety, and bread-and-butter requirements. Luminar has rapidly acquired over 50 industry partners, including 7 of the top 10 all-around automotive OEMs. Earlier this year, Luminar active the industry’s aboriginal assembly accord for free customer cartage with Volvo Cars, while additionally afresh arresting deals with Daimler Truck AG and Intel’s Mobileye. Luminar has additionally accustomed boyhood investments from the world’s better bartering abettor manufacturer, Daimler Truck AG, and Volvo Cars, a all-around baton in automotive safety, to advance the addition of free trucks and cars at artery speed. Founded in 2012, Luminar is a 350-person aggregation with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For added advice amuse appointment www.luminartech.com.
About Gores Metropoulos, Inc.
Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU and GMHIW) is a appropriate purpose accretion aggregation sponsored by an associate of The Gores Group, LLC, a all-around advance close founded in 1987 by Alec Gores, and by an associate of Dean Metropoulos of Metropoulos & Co. Gores Metropoulos was formed for the purpose of entering into a merger, basic banal exchange, asset acquisition, banal purchase, about-face or agnate business aggregate with one or added businesses. Mr. Gores and Mr. Metropoulos calm accept added than 65 years of accumulated acquaintance as entrepreneurs, operators and investors beyond assorted sectors including industrials, technology, media and entertainment, business services, healthcare and customer articles and services. Over the advance of their careers, Mr. Gores and Mr. Metropoulos and their corresponding teams accept invested in added than 180 portfolio companies through capricious macroeconomic environments with a consistent, operationally-oriented advance strategy. For added information, amuse appointment www.gores.com.
Forward Looking Statements
This columnist absolution includes advanced statements. These statements are fabricated beneath the “safe harbor” accoutrement of the U.S. Clandestine Securities Litigation Reform Act of 1995. These statements may be articular by words such as “accelerate,” “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “will,” “future” “is to be,” or the abrogating of such terms, or added commensurable terminology. Advanced statements are statements that are not absolute facts. Such advanced statements are not guarantees of approaching achievement and are accountable to risks and uncertainties, which could account absolute after-effects to alter materially from the advanced statements independent herein due to abounding factors, including, but not bound to: Luminar’s bound operating history; Luminar’s disability to abate and ascendancy the amount of the inputs on which Luminar relies; the success of Luminar’s barter in developing and commercializing articles application Luminar’s solutions; Luminar’s adeptness to assure its bookish acreage rights; Luminar’s adeptness to accommodated Nasdaq’s advertisement standards afterward the cleanup of the affairs advised by the Business Combination; the accident that the Business Aggregate disrupts accepted affairs and operations of Luminar or its subsidiaries as a aftereffect of the advertisement and cleanup of the affairs declared herein; the adeptness to admit the advancing allowances of the Business Combination, which may be afflicted by, amid added things, competition, the adeptness of Luminar to abound and administer advance profitably, advance relationships with barter and suppliers and absorb its administration and key employees; changes in applicative laws or regulations; the achievability that Luminar may be abnormally afflicted by added economic, business and/or aggressive factors; the furnishings of the advancing coronavirus (COVID-19) communicable or added communicable diseases, bloom epidemics, pandemics and accustomed disasters on Luminar’s business; and those factors discussed in the Gores Metropoulos’ allotment account on Form S-4 (No. 333-248794) beneath the branch “Risk Factors,” filed with the Securities and Barter Commission. You are cautioned not to abode disproportionate assurance aloft any advanced statements. Any advanced statements allege alone as of the date on which they are made, and Luminar undertakes no obligation to amend any advanced account to reflect contest or affairs afterwards the date of this columnist release.
View antecedent adaptation on businesswire.com:https://www.businesswire.com/news/home/20201202005741/en/
[email protected] Kwon Chou
The Gores Group
[email protected] Christiansen/Cassandra Bujarski
Sard Verbinnen & Co
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING SOFTWARE MOBILE/WIRELESS PROFESSIONAL SERVICES HARDWARE ELECTRONIC DESIGN AUTOMATION GENERAL AUTOMOTIVE TECHNOLOGY AUTOMOTIVE AUTOMOTIVE MANUFACTURING FINANCE CONSULTING MANUFACTURING
SOURCE: Luminar Technologies, Inc. and Gores Metropoulos, Inc.
Copyright Business Wire 2020.
PUB: 12/02/2020 11:20 AM/DISC: 12/02/2020 11:21 AM
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