Volvo Cars, Corning and Cornes-backed lidar technology developer Luminar is merging with a special purpose acquisition vehicle to form a company with an expected $3.4bn valuation.
Luminar, a US-based automotive lidar technology developer backed by corporates Corning, Cornes and Volvo Cars, agreed to a reverse merger yesterday with special purpose acquisition company (SPAC) Gores Metropoulos.
The transaction is expected to close in the fourth quarter of 2020 and includes $400m in cash held by Gores Metropolous, which floated in a $375m initial public offering in February 2019. Luminar will take the SPAC’s Nasdaq listing and is expected to have a market capitalisation of about $3.4bn.
The deal will also involve $170m of financing anchored by automotive manufacturer Volvo Cars’ Tech Fund, car dealership operator Van Tuyl Companies, Crescent Cove, Moore Strategic Ventures and VectoIQ as well as private investors Alec Gores and Nick and Jill Woodman.
Founded in 2012, Luminar is developing a lidar sensor and software to facilitate autonomous driving systems in consumer vehicles and commercial trucks. It technology is expected to be integrated in…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
