![]() In addition to the company, all members of Luminar’s board and eligible management have now acquired or filed trading plans to acquire additional LAZR shares. Luminar remains on track to enter the series production phase by the end of 2022. Luminar intends to use the net proceeds to accelerate business growth including: series production capacity expansion, new commercial wins, technology roadmap advancement, international expansion, and accelerating software development. Doubling-down on Luminar’s future, we also purchased a sizable call option overlay at an approximate $30 per share strike price. “The net proceeds raised from the private convertible bond will be invested to accelerate our growth, and our share buyback is designed to offset future dilution. “We have more conviction than ever in our market leadership and business trajectory, and are opportunistically capitalizing on what we believe to be a substantially undervalued and volatile share price,” said Tom Fennimore, Chief Financial Officer of Luminar. ![]() Luminar expects to use over $300 million of the proceeds for LAZR share purchases, while the remaining capital will bolster Luminar’s balance sheet. The deal was oversubscribed based on positive institutional investor support, and upsized to a total of $625 million in gross proceeds. (Nasdaq: LAZR) today announced the successful execution of its previously announced transaction, with the intent to purchase shares and accelerate growth. ![]() ORLANDO, Fla.-( BUSINESS WIRE)-Luminar Technologies, Inc. ![]()
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