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Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door Munnybunny »

https://www.luminartech.com/investors/

Luminar To Go Public In Reverse Merger With Gores Metropoulos
Christine Hall

Automotive lidar technology company Luminar Technologies has agreed to a reverse merger with Gores Metropoulos, a special purpose acquisition company, aka SPAC, sponsored by private equity firm The Gores Group, the company announced Monday.

Once the transaction is complete, Palo Alto, California-based Luminar Technologies will retain its name and will remain listed on Nasdaq under the new ticker symbol LAZR, the company said.

A SPAC is a “blank check company” that raises money through an initial public offering to buy another company, typically within two years. Nasdaq reported that as of the beginning of August, more than 50 SPACs were formed in the U.S., raising some $21.5 billion. Reuters reported that many auto tech companies were approached by SPACs as a way to raise more capital than private fundraising could provide.

Founded in 2012 by CEO Austin Russell, Luminar manufactures advanced sensor technologies for the autonomous vehicle industry, both cars and trucks. To date, the company has raised a total of $250 million, according to Crunchbase data. The most recent raise was a $100 million venture round made a year ago from a group of investors that included The Westly Group and Peter Thiel.

The merged company will have a valuation of approximately $2.9 billion and a market capitalization of about $3.4 billion, the company said. Russell will continue to serve as CEO, while Alec Gores will join the Luminar board of directors.

The deal includes $400 million in cash from Gores Metropoulos and $170 million in financing for Luminar from an investor group that includes Gores, Van Tuyl Companies, Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick and Jill Woodman and VectoIQ.

Luminar also announced that beginning in 2022, its hardware and software will be integrated into Volvo’s global vehicle platform, and that its technology will also enable a new benchmark for vehicle safety.

“This milestone is pivotal not just for us, but also for the larger automotive industry,” Russell said in a written statement. “Today, we are making our next industry leap through our new long-term partnership with Gores Metropoulos, a team that has deep experience in technology and automotive and shares our vision of a safe autonomous future powered by Luminar.”

≈≈≈≈≈≈≈≈≈

Starting in 2022, Luminar’s hardware and software will be integrated into Volvo’s global vehicle platform, the foundation for their next generation of consumer vehicles. In parallel, Luminar’s technology will also enable a new benchmark for vehicle safety surpassing today’s advanced driving assistance systems (ADAS) with proactive safety features.

1e pos $13,17
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letta75
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Re: Gores Metropoulos - GMHI / Luminar - LAZR

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Idem, 1ste positie 13,10 ;)
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Re: Gores Metropoulos - GMHI / Luminar - LAZR

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Gores Metropoulos, Inc. Files Registration Statement on Form S-4 in Connection With Proposed Business Combination With Luminar Technologies, Inc.

September 15, 2020 02:59 PM Eastern Daylight Time

LOS ANGELES--(BUSINESS WIRE)--Gores Metropoulos, Inc. (the “Company”), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Dean Metropoulos of Metropoulos & Co., filed a registration statement on Form S-4 with the SEC (the “Registration Statement”) in connection with its previously announced proposed business combination with Luminar Technologies, Inc. (“Luminar”), a global leader in lidar autonomous driving technology. The Registration Statement is not yet effective. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, when it is declared effective by the Securities and Exchange Commission (“SEC”), will contain important information about the proposed business combination contemplated by the Agreement and Plan of Merger by and among the Company, Dawn Merger Sub, Inc., Dawn Merger Sub II, LLC and Luminar (the “Merger Agreement”). The Company’s filing of the Registration Statement represents an important step in Luminar becoming a publicly traded company, with the goal of being listed on the Nasdaq Capital Market under the symbol “LAZR” by the fourth quarter of 2020.

As previously announced and as further described in the Registration Statement, the post-business combination 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 the Company, the balance of approximately $400 million cash held in the Company, together with at least $170 million in financing proceeds invested in Luminar in connection with the execution of the Merger Agreement, will remain in the post-business combination 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 investment made directly into Luminar was 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, with the majority of the major existing investors participating. Net transaction proceeds will remain in the post-business combination company and support continued growth across key verticals as Luminar executes on significant production and development opportunities.

All current Luminar stockholders will roll the entirety of their existing equity holdings into the post-business combination company. The transaction, which has been unanimously approved by the boards of directors of both Luminar and Gores Metropoulos, is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions.

Following completion of the proposed business combination, Luminar will retain its experienced management team. Founder Austin Russell will continue to serve as CEO and Tom Fennimore will continue to serve as CFO. Alec Gores will join the Luminar board of directors upon closing of the transaction.

Additional Information about the Transactions and Where to Find It

The Company has filed the Registration Statement that includes a preliminary proxy statement, consent solicitation statement and prospectus with respect to the Company’s securities to be issued in connection with the proposed transactions contemplated by the Merger Agreement that also constitutes a preliminary prospectus of the Company and will mail a definitive proxy statement/consent solicitation statement/prospectus and other relevant documents to its stockholders. The Registration Statement is not yet effective. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, when it is declared effective by the SEC, will contain important information about the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at a meeting of the Company’s stockholders to be held to approve the proposed transactions contemplated by the Merger Agreement and other matters (the “Special Meeting”) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Company stockholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they contain or will contain important information about the proposed transactions. When available, the definitive proxy statement/consent solicitation statement/prospectus will be mailed to Company stockholders as of a record date to be established for voting on the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at the Special Meeting. Company stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: Gores Metropoulos, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (email: jchou@gores.com).

Participants in Solicitation

The Company, Luminar and their respective directors and officers may be deemed participants in the solicitation of proxies of Company stockholders in connection with the proposed transactions. Company stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of the Company in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Company stockholders in connection with the proposed transactions contemplated by the Merger Agreement and other matters to be voted upon at the Special Meeting is set forth in the preliminary joint proxy statement/consent solicitation statement/prospectus and will be set forth in the definitive proxy statement/consent solicitation statement/prospectus for the proposed transactions when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transactions is included in the Registration Statement.

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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door Munnybunny »

Bijgekocht $12,22

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Re: Gores Metropoulos - GMHI / Luminar - LAZR

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Munnybunny schreef:
18 sep 2020 16:59
Bijgekocht $12,22
Penny pincher ook op 12,14 ;-)

Phil
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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door Phil »

" The word crisis in Chinese is composed of two characters: the first, the symbool of danger .... the second, of opportunity"

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Munnybunny
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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door Munnybunny »

letta75 schreef:
18 sep 2020 19:10
Munnybunny schreef:
18 sep 2020 16:59
Bijgekocht $12,22
Penny pincher ook op 12,14 ;-)
😂 als ze stijgen, maken die paar centen geen verschil. Mooie aankoop dat wel 👍🏻

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letta75
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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door letta75 »

Phil schreef:
18 sep 2020 19:17
Al wel 3 weken oud

https://www.tijd.be/tech-media/technolo ... 46876.html
Dat artikel was mij volledig ontgaan :up:

Ik geef onderstaand artikel van 25/08 mee voor extra context :


Luminar Technologies is trying to get autonomous vehicles back on the road – at least in the minds of investors. The startup founded in 2012 by Austin Russell on Monday struck a deal to list on the stock market by selling to blank-check firm Gores Metropoulos in a deal that values it at $3.4 billion. The technology it develops – lidar – is one that Tesla boss Elon Musk has mocked as “a fool’s errand.” But Luminar may be able to chase self-driving hype without hitting the same speed bumps as Musk’s outfit.

Lidar is a radar-like remote-sensing technology that uses lasers to scan and create a 3D image of the surrounding area. Musk reckons cameras and other systems can do the job better and for less money. But Luminar’s Russell says that the tech he and his engineers designed from scratch currently costs just $500 per unit and ought, over the next five years or so, to drop below $100.

That’s appealingly cheap. Russell has already struck a deal to kit out Volvo cars with Luminar’s hardware and software from
2022 and is also talking to seven of the 10 largest automakers, as well as another 40 or so potential buyers including
commercial-vehicle makers. The company has, he says, a $1billion backlog of orders for the technology.

The potential for customer diversification means Luminar, whose early investors include Facebook backer PeterThiel, shouldn’t face the same issues of overpromising and underdelivering that Tesla has. Musk promised to have a million autonomous-ready vehicles on the road by 2020, but his track record with everything from the Model 3 to offering insurance to developing software is one of repeatedly missing his own targets. That should not be an issue for Luminar, either: Developing its hardware and software is not capital intensive like car manufacturing. Its core business only needs $250 million of investment to be cash flow positive – Monday’s deal brings in more than double that.


CONTEXT NEWS

- Autonomous-driving technology company Luminar Technologies has agreed to sell to Gores Metropoulos, a special-purpose
acquisition company. The deal values at $3.4 billion the maker of lidar sensors and software that 25-year-old Chief Executive
Austin Russell founded in 2012.
- Gores Metropoulos will inject $400 million into its target. At the same time, Luminar is raising $170 million from new and existing investors. Those leading the round include Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick and Jill Woodman and VectoIQ.
- Lidar is a remote sensing technology that uses pulsed laser light the way radar uses radio waves.
- Luminar in May struck an agreement to provide its hardware and software to Volvo Cars starting in 2022 and is in discussions with seven of the top 10 global automakers.

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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door Munnybunny »

Luminar’s Young Founder to Have Full Control When Firm Goes Public

Austin Russell, who’s 25, to hold 83% of firm’s voting power
Driverless-car company is going public in merger with SPAC
Austin Russell, founder and CEO of Luminar Technologies Inc., demonstrates imaging created by a lidar, which bounces lasers off objects to guide vehicles.

Austin Russell, founder and CEO of Luminar Technologies Inc., demonstrates imaging created by a lidar, which bounces lasers off objects to guide vehicles.
Austin Russell dropped out of Stanford University in 2012 to focus on his driverless-car startup, Luminar Technologies Inc.

Eight years later, Russell, 25, is taking Luminar public in a $3.4 billion deal that will see him retain full control over the company and make him among the youngest chief executives of a publicly traded firm.


Russell is expected to hold about 83% of the voting power at Luminar after its combination with special purpose acquisition company Gores Metropoulos Inc. is completed, according to a registration statement filed Monday. That will give him control over the election of board members and all other major decisions submitted to stockholders for approval.

His exact equity stake in the company hasn’t yet been disclosed. Russell will be the sole owner of Luminar’s Class B shares, which hold 10 times the voting power of the standard Class A shares, according to the filing.

A spokesperson for Orlando, Florida-based Luminar didn’t respond to requests for comment.


Luminar is backed by tech billionaire Peter Thiel, who awarded Russell a $100,000 fellowship that allowed him to quit Stanford at age 17. The company makes light detection and ranging sensors, or lidar, that bounce lasers off objects to guide vehicles. The sensors are expensive, and Luminar has emerged from a crowded startup field in part by bringing down the cost.


Luminar is also backed by GoPro Inc. founder Nick Woodman and a unit of Volvo Car AB. The company will raise more than $500 million as part of the deal, helping accelerate its efforts to get its laser sensors onto the production lines of global automakers, Russell told Bloomberg in August.


Volvo says it will use Luminar’s technology to enable hands-free highway driving that won’t require drivers to keep their eyes on the road at all times in cars starting in 2022.

Luminar will be traded on the Nasdaq under the ticker LAZR after its combination with Gores Metropoulos is completed, expected in the fourth quarter.

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Re: Gores Metropoulos - GMHI / Luminar - LAZR

Bericht door lacrimas »

Na een weekendje inlezen, ben ik ook in deze gestapt @ $12,12
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