The cost of the sensors can run into the tens of thousands of dollars and has been a stumbling block for companies looking to compete in the self-driving car race. Led by 25-year-old chief executive officer Austin Russell, Luminar has emerged from a crowded startup field by bringing down the cost of lidar sensors, which bounce lasers off objects to guide vehicles. The investment vehicles have gone mainstream this year, offering a faster route for startups seeking to go public without the scrutiny or risks of an initial public offering. Luminar is the latest entity to merge with a special purpose acquisition company, or SPAC. The deal will be paid for with $400mn in cash from the blank-check company, as well as $170mn from other investors including Thiel, a unit of Volvo Car AB and GoPro Inc founder Nick Woodman, according to a statement that confirmed an earlier Bloomberg News report. The stock traded at $11.49 in New York, giving the company a market value of $573mn. Investors in Gores Metropoulos cheered the deal, sending the entity’s shares up as much as 10% to $11.60 apiece, the biggest jump since March 2019. NASDAQ does not use this value to determine compliance with the listing requirements.Driverless car startup Luminar Technologies Inc, backed by tech billionaire Peter Thiel, is going public via a $3.4bn merger with blank-check company Gores Metropoulos Inc, bolstering efforts to get its laser sensors onto the production lines of global automakers. "Market Cap" is derived from the last sale price for the displayed class of listed securities and the total number of shares outstanding for both listed and unlisted securities (as applicable). It does not include securities convertible into the common equity securities. Market Cap (Capitalization) is a measure of the estimated value of the common equity securities of the company or their equivalent. Register for your free account today at. Data Link's cloud-based technology platform allows you to search, discover and access data and analytics for seamless integration via cloud APIs.
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