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Luminar Technologies and Gores Metropoulos have completed their business combination, transitioning to Luminar Technologies, Inc. with shares trading under the new ticker symbol 'LAZR' on Nasdaq starting December 3, 2020. This merger, approved by shareholders on December 1, 2020, generated approximately $590 million in cash, facilitating Luminar's growth in automotive lidar technology. Key partnerships with Volvo, Daimler Truck AG, and Intel's Mobileye promise accelerated market expansion for Luminar's Iris LiDAR solutions and advanced autonomous software.
Gores Metropoulos, Inc. (NASDAQ: GMHI) is urging stockholders to vote in favor of its proposed merger with Luminar Technologies, a leader in automotive lidar technology. The Special Meeting will be held virtually on December 1, 2020, at 9:00 a.m. ET. Stockholders of record as of October 14, 2020, are eligible to vote. A final Proxy Statement was filed on October 29, 2020. Stockholders are encouraged to ensure their votes are counted by completing and returning their proxy cards. The Registration Statement and Proxy Statement provide essential details about the merger.
Luminar Technologies is merging with Gores Metropoulos (Nasdaq: GMHI) to become a public company. The merger is expected to close in Q4 2020, subject to approvals. In a significant move, Luminar will supply lidar technology to Mobileye for its autonomous vehicle series, enhancing the safety of driverless cars. Luminar has secured 50 partners, including major automakers, and converted 12 programs to production. Its key achievements include a series production deal for consumer vehicles and partnerships in trucking and Mobility-as-a-Service, marking steady growth in autonomous vehicle technology.
Gores Metropoulos, Inc. (Nasdaq: GMHI) announced significant updates from Luminar Technologies, its merger partner. Luminar is advancing partnerships for autonomous trucking, engaging in a 50% increase in OEM programs, and has secured exclusive supply agreements lowering hardware costs. The company also raised its 2020 Order Book target from $1 billion to $1.3 billion due to new deals. The merger is anticipated to close in Q4 2020, leading to a rebranding to Luminar Technologies, Inc. with a new Nasdaq listing as 'LAZR'.
Gores Metropoulos (Nasdaq: GMHI) announced a merger with Luminar Technologies, a leader in automotive lidar technology. This transition aims to enhance highway autonomy. Following the merger, Gores Metropoulos will rebrand as Luminar Technologies, Inc. and trade under the symbol 'LAZR'. Luminar will present at several investor conferences, including Deutsche Bank AutoTech on November 10, 2020. The company boasts partnerships with 50 industry players, including major OEMs, and has locations in key cities worldwide.
Luminar Technologies and Daimler Truck AG have formed a strategic partnership to advance highly automated trucking (SAE Level 4) focusing on highway applications. Daimler Trucks has acquired a minority stake in Luminar, which aims to enhance lidar sensing and system performance in commercial vehicles. The collaboration aims to improve logistics efficiency and safety, with initial deployment on long-haul routes anticipated. This partnership underscores the companies' commitment to setting safety standards and promoting advanced technology in the trucking industry.
