Hyliion, Lordstown Motors, Velodyne Lidar and Canoo have also struck SPAC deals in the last several months. With an IPO, you announce we’d like to raise 400 million at a valuation of 1.8 billion to 2.2 billion, or whatever, and then you go out and market the deal to investors. On December 2, 2020, we consummated the Business Combination with Legacy Luminar pursuant to the. In March, Nikola's deal with a SPAC gave it an enterprise valuation of about $3.3 billion, and Fisker was worth $2.9 billion after a reverse merger with an Apollo Global Management-backed SPAC in July. On February 5, 2019, we completed our initial public offering. Last year, venture capitalists invested a record $1.3 billion in companies developing lidar technology.īlank-check companies have recently been the on-ramp of choice for makers of electric and autonomous vehicle tech to enter the public markets. Operating in California, Florida and Colorado, Luminar has raised private backing from investors including Thiel, Volvo, Canvas Ventures and G2VP. is an autonomous vehicle sensor and Lidar technology company, which designs, builds, and sells. Luminar's light imaging detection and ranging system, which uses lasers to help direct vehicles, will be sold as a subscription service to automakers and is expected to equip Volvo vehicles beginning in 2022. Chinese LiDAR maker Hesai stock jumps 11 after upsized 190M IPO. (Reuters) - Automotive sensor startup Luminar Technologies Inc said on Monday it would go public through a merger with special purpose acquisition company Gores Metropoulos Inc GMHI.O GMHIU.O. Based on Luminar’s share price of 13.45 at market close January 19th, Mercedes-Benz is purchasing approximately 20.2 million worth of shares, or less than 1 percent of the company. Gores Metropoulos will invest an additional $400 million and the combined company will have an initial market value of around $3.4 billion and be listed on the Nasdaq. The agreement includes a $170 million direct investment led by Alec Gores, founder and CEO of private equity firm Gores Group, as well as Peter Thiel, Volvo Cars Tech Fund and others. Luminar has agreed to a merger with blank-check company Gores Metropoulos, continuing a streak of such deals for companies in the automotive tech space.
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