Luminar Joins Russell 2000® Index

Rhea-AI Summary

Luminar (Nasdaq: LAZR) has officially joined the US Russell 2000 Index, effective immediately. This inclusion is significant as it positions Luminar towards the top of the index, leading to an anticipated purchase of approximately 30 million shares by associated indices. The Russell indexes, which manage about $12 trillion in assets, are crucial for investment managers and institutional investors. Membership is based on market capitalization and style attributes, affecting Luminar's visibility and investment appeal.

Positive

• Inclusion in the US Russell 2000 Index enhances visibility to institutional investors.
• Anticipation of approximately 30 million shares being purchased due to index inclusion.

Negative

• None.

ORLANDO, Fla.--(BUSINESS WIRE)-- For the first time, Luminar (Nasdaq: LAZR), a leading global automotive technology company, officially joined the US Russell 2000^® Index, effective today. Luminar is positioned towards the top end of this index, increasing the relative index purchasing power and ownership. Approximately 30 million shares of Luminar’s stock are now anticipated to be purchased and held by associated indices.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

For more information on the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Luminar Technologies

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars for consumer vehicles and Daimler Truck AG for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles. For more information please visit www.luminartech.com.

Forward-Looking Statements

Certain 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. 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. These forward-looking statements include the estimated potential volume of stock purchases that may be made due to inclusion in a Russell Index. 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. Forward-looking statements are subject to a number of risks and uncertainties, including but not limited to fluctuations in our stock price, the fluctuations in the trading volume of our stock, changes in market conditions, that could cause actual results to differ materially from the forward-looking statements including the risks discussed under the heading “Risk Factors” in the Annual Report on Form 10-K filed by Luminar on March 1, 2022, and other documents Luminar files with the SEC in the future. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220627005567/en/

Investor Relations:

Trey Campbell

Investors@luminartech.com

Source: Luminar Technologies

FAQ

What does Luminar's inclusion in the Russell 2000 Index mean for investors?

Luminar's inclusion in the Russell 2000 Index increases its visibility and is expected to lead to approximately 30 million shares being purchased by related indices.

When did Luminar join the Russell 2000 Index?

Luminar officially joined the US Russell 2000 Index on the day of the press release.

How much assets are benchmarked against Russell's US indexes?

Approximately $12 trillion in assets are benchmarked against Russell's US indexes.

What is the significance of the Russell 2000 Index for Luminar?

The Russell 2000 Index is widely used by investment managers, enhancing Luminar's appeal to institutional investors.