Lidar tech company Luminar to go public via merger with blank-check company Gores Metropoulos

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Luminar, an automotive lidar technology company, said Monday it has agreed to go public through a merger with Nasdaq-listed blank-check company Gores Metropoulos Inc. . The new entity will have a pro forma implied enterprise value of $2.9 billion and a market capitalization of about $3.4 billion, the company said in a statement. It will be listed on Nasdaq under the new ticker “LAZR.” Luminar’s shareholders will receive about 271.8 million shares of Gores Metropoulos common stock at closing. Luminar will receive $170 million from a group of institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ, with the majority of the major existing investors participating. The deal is expected to close in the fourth quarter. “Luminar has created the only lidar sensor that meets the stringent performance, safety and cost requirements for Level 3–Level 5 autonomous vehicles,” said the statement.
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