On Monday, Luminar Technologies Inc, an autonomous vehicle startup stated, it has decided to go public by merging with blank-check firm Gores Metropoulos Inc in a deal worth around $3.4 billion.
The deal includes $400 million of cash from Gores Metropoulos and $170 million financing into Luminar by investors including GoPro Inc founder Nick Woodman, tech billionaire Peter Thiel, and Volvo Cars Tech Fund.
Incidentally, Luminar makes lidar sensors and software for autonomous vehicles.
Lidar sensors uses laser light pulses to generte precise images of the environment around a car; they are seen by many automakers as being instrumental in creating driver assistance systems including autonomous self-driving.
The combined company will retain the name Luminar Technologies Inc and list on the Nasdaq under the symbol “LAZR.”
The deal is expected to close in the fourth quarter of 2020, said the company.
While Deutsche Bank Securities is the financial adviser to Gores, GCA Advisors LLC and Jefferies Group LLC are advising Luminar.
With the news reaching the market, shares of the blank check company surged by 26% in premarket trading.