#Profile luminar luminar spac thursdayohnsmanforbes pro#

The listing, announced in August, resulted. Gores Metropoulos shares rose 7% to $11.40 in Nasdaq trading on Monday. Russell’s 104.7 million shares, about a third of Luminar’s outstanding equity, was worth 2.4 billion at the close of Nasdaq trading on Thursday. Founder Russell, a Forbes 30 Under 30 alum, will continue as CEO, Tom Fennimore will remain as CFO and Alec Gores will join the Luminar board.Īdditionally, Luminar said it hired 16 members of Samsung's Munich-based DRVLINE software team to help strengthen its development team. The merger is expected to close in 2020’s fourth quarter. The Company enables safety and autonomous capabilities for passenger and commercial vehicles as well as other adjacent markets. Current Luminar investors will receive about 272 million shares of Gores Metropoulos common stock at closing. College dropout Austin Russell founded and runs automotive sensor firm Luminar Technologies, which went public in a SPAC merger in Dec. Luminar AI is an all-new application and plug-in and the first fully AI-powered image editing software in the world. is a global automotive technology company, which is engaged in vehicle safety and autonomy.

#Profile luminar luminar spac thursdayohnsmanforbes pro#

Luminar and Gores Metropoulos said the combined 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.

(CEO Elon Musk has described it as a “ fool’s errand.”) Luminar CEO and co-founder Austin Russell is poised to become a billionaire at 25 when his autonomous driving technology company Luminar goes public on Thursday. Lidar’s ability to instantly create detailed 3D, point-cloud maps of a vehicle’s surroundings in daylight or darkness has made it essential technology for virtually every company working to perfect safe autonomous driving, with the notable exception of Tesla TSLA. The special purpose acquisition company (SPAC) trend continues to roll on Thursday, as shares of Luminar (NASDAQ: LAZR) stock are now trading on Wall Street.