These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar’s management and are not predictions of actual performance. These forward-looking statements include, but are not limited to, statements regarding our expectations regarding repurchases of our Class A common stock under the stock repurchase program, our long-term growth potential, the value of our Class A common stock and our ability to invest to accelerate and extend our technology and market position. Forward-looking statements generally are accompanied by words such as “aims”, “believe,” “may,” “will,” “estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,” “expect,” “should,” “would,” “forward,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Founded in 2012, Luminar employs approximately 400 with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich.Ĭertain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Additional customer wins include SAIC, Daimler Truck AG, Intel’s Mobileye, Pony.ai and Airbus UpNext. In 2020, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, which now expects to make Luminar’s technology part of the standard safety package on their next generation electric SUV. Luminar has rapidly gained over 50 industry partners, including a majority of the top global automotive OEMs. (Nasdaq: LAZR) is transforming automotive safety and autonomy by delivering lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. In addition to the company, all members of Luminar’s board and eligible management have now acquired or filed trading plans to acquire additional LAZR shares. Luminar remains on track to enter the series production phase by the end of 2022. Luminar intends to use the net proceeds to accelerate business growth including: series production capacity expansion, new commercial wins, technology roadmap advancement, international expansion, and accelerating software development. Doubling-down on Luminar’s future, we also purchased a sizable call option overlay at an approximate $30 per share strike price. “The net proceeds raised from the private convertible bond will be invested to accelerate our growth, and our share buyback is designed to offset future dilution. “We have more conviction than ever in our market leadership and business trajectory, and are opportunistically capitalizing on what we believe to be a substantially undervalued and volatile share price,” said Tom Fennimore, Chief Financial Officer of Luminar. Luminar expects to use over $300 million of the proceeds for LAZR share purchases, while the remaining capital will bolster Luminar’s balance sheet. The deal was oversubscribed based on positive institutional investor support, and upsized to a total of $625 million in gross proceeds. (Nasdaq: LAZR) today announced the successful execution of its previously announced transaction, with the intent to purchase shares and accelerate growth.
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