Luminar and Gores Metropoulos announce closing of business combination

Luminar raises nearly $600M gross proceeds; begins trading Dec 3rd under ticker “LAZR”

Luminar Technologies, (“Luminar”), the global leader in automotive lidar hardware and software technology, and Gores Metropoulos. (“Gores Metropoulos”) a special purpose acquisition company sponsored by an affiliate of The Gores and an affiliate of Metropoulos announced the completion of their previously announced business combination (the “Business Combination”). The combined company will retain the Luminar Technologies name and will commence trading under the new ticker symbol “LAZR” on December 3, 2020. The Business Combination was approved at a special meeting of Gores Metropoulos stockholders on December 1, 2020.

The successful completion of the Business Combination is reinforced by several landmark achievements in 2020, including the introduction of Luminar’s Iris LiDAR and software products for series production across all three industry verticals: consumer vehicles, trucking, and robo-taxis. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Following the Business Combination, Luminar expects to accelerate commercial growth across its over 50 commercial partners while further expanding its autonomous software and Proactive safety ADAS solutions. Luminar’s Iris is designed into vehicle models planned to commence series production starting in 2022.                      

This is an incredibly proud moment for the entire Luminar team and a milestone for the industry at large,” said Austin Russell, Founder and CEO of Luminar. “Over the past few years, we’ve made the transition from a technology development startup to now a global provider of autonomous systems to many of the world’s largest OEMs and commercial trucking players to power their autonomous future in production. We look forward to accelerating widespread commercial adoption of autonomy and proactive safety solutions and embarking on the next phase of our journey as a public company, which will solidify our leadership position well into the future and enable autonomy at an unprecedented scale.”     

Alec Gores, CEO of Gores Metropoulos, said, “Luminar is unrivaled in its technology and ability to enable autonomy for production vehicles. As a public company, Luminar will now have the platform to fully execute against its vision, further accelerate its commercial programs and expand its already dominant market leadership. We are excited to close this transaction, and I look forward to continuing to work alongside Austin and the entire management team to make our safe autonomous future a reality.”

Transaction Details

As a result of the Business Combination, Luminar has received approximately $590 million total cash. This includes $406 million from Gores Metropoulos, as well as $184 million in proceeds from the financing completed in connection with the announcement of the Business Combination, 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. Upon closing of the Business Combination, Alec Gores, CEO of Gores Metropoulos, joined Luminar’s Board of Directors.


Deutsche Bank Securities served as exclusive financial advisor, lead capital markets advisor and sole private placement agent to Gores Metropoulos. Credit Suisse served as additional capital markets advisor and Moelis & Company acted as additional financial advisor to Gores Metropoulos. Weil, Gotshal & Manges, LLP acted as legal advisor to Gores Metropoulos.

GCA Advisors, and Jefferies served as financial advisors to Luminar. GCA Advisors, served as sole private placement agent on the direct investment into Luminar and Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Luminar.