Luminar secures up to $200M following CEO departure and layoffs

Lidar company Luminar reached a deal with Yorkville Advisors Global and another unnamed investor that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period. The agreement, which was announced in a regulatory filing Wednesday, follows an abrupt change in leadership and layoffs. Earlier this month, Luminar’s board replaced founder Austin Russell as CEO and board chair. Luminar’s board appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance. The company also launched another round of layoffs — its third since spring 2024. Under the terms, Luminar will issue $35 million in convertible preferred stock to the investors. Luminar may issue additional tranches in amounts of up $35 million no more than every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock. However, Luminar isn’t under any obligation to issue additional stock. “Today’s transaction provide ... Read full article.