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GMHI

Gores Metropoulos

$10.56 /

+0.16 (+1.54%)

06:20
08/24/20
08/24
06:20
08/24/20
06:20

Luminar to merge with Gores Metropoulos

Luminar announced it has entered into a definitive agreement to merge with Gores Metropoulos, a special purpose acquisition company sponsored by an affiliate of The Gores Group. Upon completion of the transaction, the combined company will retain the Luminar Technologies, Inc. name and will remain listed on Nasdaq under the new ticker symbol "LAZR." The combined company will have an implied pro forma enterprise value of approximately $2.9B and an equity value of approximately $3.4B at closing. After giving effect to any redemptions by the public stockholders of Gores Metropoulos, the balance of approximately $400M cash held in Gores Metropoulos, together with the $170M in immediate financing proceeds, will remain in the company and a portion will be used to pay transaction expenses. As part of the transaction, Luminar's stockholders will receive approximately 271.8M shares of Gores Metropoulos common stock at closing. The $170M investment made directly into Luminar is led by 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. Net transaction proceeds will remain in the company and support continued growth across key verticals as Luminar executes on significant production and development opportunities. All current Luminar stockholders will roll the entirety of their existing equity holdings into the combined company. The transaction, which has been unanimously approved by the boards of directors of both Luminar and Gores Metropoulos, is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions. Following completion of the transaction, Luminar will retain its experienced management team. Founder Austin Russell will continue to serve as CEO and Tom Fennimore will continue to serve as CFO. Alec Gores will join the Luminar board of directors upon closing of the transaction.

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