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Article obtained from Photonics RSS Feed.
Luminar, an automotive lidar company, has entered into a definitive agreement to merge with Gores Metropoulos Inc. Upon completion of the transaction, the combined company will retain the Luminar Technologies Inc. name and will be listed on the Nasdaq composite under the new ticker symbol “LAZR.”
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. After giving effect to any redemptions by the public stockholders of Gores Metropoulos, the balance of approximately $400 million cash held in Gores Metropoulos, together with the $170 million in immediate financing proceeds, will remain in the company and a portion will…READ MORE