Latest news with #LuminarTechnologies
Business Wire
23-05-2025
- Automotive
- Business Wire
Luminar Improves Capital Structure with Repurchase of $50 Million in 2026 Convertible Senior Notes
ORLANDO, Fla.--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into separate, individually negotiated private agreements with certain holders of its outstanding 1.25% Convertible Senior Notes due 2026 to acquire $50 million in aggregate principal amount of notes through repurchases for approximately $30 million in cash and exchanges for 1.1 million in newly issued shares of common stock. The repurchase transactions are being funded by the proceeds from the initial issuance of Series A Convertible Preferred Stock announced by Luminar on May 21, 2025. 'Earlier this week, we announced a significant capital commitment from two institutional investors and indicated that would be used to continue to improve our capital structure and liquidity profile. Today, we are doing just that, retiring a substantial amount of debt that would have otherwise matured next year,' said Tom Fennimore, Luminar's Chief Financial Officer. 'We will remain opportunistic in using all of our available tools to further reduce our debt and extend our liquidity runway in order to realize our long-term value.' Following the consummation of the exchange transactions, approximately $135 million in aggregate principal amount of the 2026 convertible notes will remain outstanding, marking meaningful progress by Luminar over the past year to reduce the outstanding amount of its 2026 debt. The combination of the transactions this week demonstrate Luminar's commitment to improving its capital structure and ensuring sufficient financial runway to execute its business plan. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as 'aims,' 'believe,' 'may,' 'will,' 'estimate,' 'set,' 'continue,' 'towards,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'forward,' 'plan,' 'runway,' 'commitment,' 'remain,' 'opportunistic' and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to prospective future debt reduction and liquidity and capital structure improvements. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, including but not limited to, the large amount of Luminar's outstanding indebtedness limiting the cash flow available for Luminar's operations. whether Luminar will be able to timely reduce its outstanding debt and capital structure overhang, whether Luminar will be able to repurchase debt at trading discounts or on favorable terms, or have sufficient resources and financial runway to reduce its outstanding debt and execute its business plan and other factors that could cause actual results to differ materially from those stated, which could differ or change based upon market conditions or for other reasons. More information on these risks and other potential factors that could affect Luminar's business is included in Luminar's periodic filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of Luminar's reports on Form 10-K and Form 10-Q, including Luminar's Annual Report on Form 10-K for the year ended December 31, 2024 filed by Luminar on March 28, 2025, and Luminar's Quarterly Report on Form 10-Q filed by Luminar on May 20, 2025 and subsequent reports filed with the SEC. You are cautioned not to place undue reliance upon any forward-looking statements and Luminar assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Yahoo
22-05-2025
- Business
- Yahoo
Luminar to issue up to $200M of convertible preferred stock to investors
Luminar (LAZR) Technologie 'announced it has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. D. Boral Capital LLC is acting as the exclusive placement agent for the placement of the convertible preferred stock.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on LAZR: Disclaimer & DisclosureReport an Issue Largest borrow rate increases among liquid names Cautious Outlook for Luminar Technologies Amid Leadership Changes and Financial Challenges Luminar Technologies Delays 10-Q Filing Amid Executive Changes Luminar Technologies' Earnings Call: A Mixed Outlook Luminar Technologies Announces New CEO Appointment Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Luminar Obtains $200 Million Capital Commitment to Bolster Balance Sheet & Liquidity
ORLANDO, Fla., May 21, 2025--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. "Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet," said Tom Fennimore, Chief Financial Officer of Luminar. "We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value." Under the terms of the agreement, Luminar will issue $35 million in stated value of convertible preferred stock to the investors at an initial closing, and may subsequently issue additional tranches of convertible preferred stock to the investors in amounts of up to $35 million not more than every 60 days (or 90 days if the prior tranche was more than $25 million), at a purchase price equal to 96% of the stated value of the convertible preferred stock. Issuances are subject to specified closing conditions, including certain conditions based on the trading price and volume of the company's shares of common stock and the company's continued compliance with the terms of the preferred stock. Luminar has no obligation to issue additional convertible preferred stock to the investors at any time after the initial closing. The proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. The terms, rights, obligations, and preferences of the convertible preferred stock, including voluntary conversion and redemption provisions, as well as beneficial ownership and voting restrictions and share cap limitations, will be set forth in a certificate of designations to be filed with the Delaware Secretary of State prior to the initial closing. The convertible preferred stock will be convertible, at the holder's option at any time, subject to certain exceptions as will be set forth in the certificate of designations, into shares of the company's Class A common stock. The convertible preferred stock will rank junior to the company's existing first and second lien senior secured and any unsecured debt. Under the terms of the certificate of designations for the convertible preferred stock, the company will be subject to covenants substantially consistent with those in the company's senior secured debt, among other provisions. D. Boral Capital LLC is acting as the exclusive placement agent for the placement of the convertible preferred stock. Additional details regarding the transaction will be made available in a Form 8-K to be filed with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "aims," "believe," "may," "will," "estimate," "set," "continue," "towards," "anticipate," "intend," "expect," "should," "would," "forward," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to the completion and timing of the initial closing of the offering of the convertible preferred stock. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including but not limited to whether we will consummate the financing on the expected terms or at all, , which could differ or change based upon market conditions or for other reasons. More information on these risks and other potential factors that could affect the Company's business is included in the Company's periodic filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's reports on Form 10-K and Form 10-Q, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. View source version on Contacts Investor Relations:Aileen (Smith) McAdamsInvestors@ Media Relations:Milin MehtaPress@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
Luminar Obtains $200 Million Capital Commitment to Bolster Balance Sheet & Liquidity
ORLANDO, Fla.--(BUSINESS WIRE)--Luminar Technologies (NASDAQ: LAZR), a leading global automotive technology company, today announced it has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. 'Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet,' said Tom Fennimore, Chief Financial Officer of Luminar. 'We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value.' Under the terms of the agreement, Luminar will issue $35 million in stated value of convertible preferred stock to the investors at an initial closing, and may subsequently issue additional tranches of convertible preferred stock to the investors in amounts of up to $35 million not more than every 60 days (or 90 days if the prior tranche was more than $25 million), at a purchase price equal to 96% of the stated value of the convertible preferred stock. Issuances are subject to specified closing conditions, including certain conditions based on the trading price and volume of the company's shares of common stock and the company's continued compliance with the terms of the preferred stock. Luminar has no obligation to issue additional convertible preferred stock to the investors at any time after the initial closing. The proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. The terms, rights, obligations, and preferences of the convertible preferred stock, including voluntary conversion and redemption provisions, as well as beneficial ownership and voting restrictions and share cap limitations, will be set forth in a certificate of designations to be filed with the Delaware Secretary of State prior to the initial closing. The convertible preferred stock will be convertible, at the holder's option at any time, subject to certain exceptions as will be set forth in the certificate of designations, into shares of the company's Class A common stock. The convertible preferred stock will rank junior to the company's existing first and second lien senior secured and any unsecured debt. Under the terms of the certificate of designations for the convertible preferred stock, the company will be subject to covenants substantially consistent with those in the company's senior secured debt, among other provisions. D. Boral Capital LLC is acting as the exclusive placement agent for the placement of the convertible preferred stock. Additional details regarding the transaction will be made available in a Form 8-K to be filed with the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. About Luminar Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as 'aims,' 'believe,' 'may,' 'will,' 'estimate,' 'set,' 'continue,' 'towards,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'forward,' and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to the completion and timing of the initial closing of the offering of the convertible preferred stock. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including but not limited to whether we will consummate the financing on the expected terms or at all, , which could differ or change based upon market conditions or for other reasons. More information on these risks and other potential factors that could affect the Company's business is included in the Company's periodic filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of the Company's reports on Form 10-K and Form 10-Q, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the SEC. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Yahoo
20-05-2025
- Business
- Yahoo
Luminar (LAZR) Stock Plunges After Founder Exit and Wider-Than-Expected Loss
Shares of Luminar Technologies (NASDAQ:LAZR) slid about 7% in pre-market trading Thursday after the LiDAR firm posted mixed first-quarter results and said its founder will step down amid an internal ethics probe. Warning! GuruFocus has detected 8 Warning Signs with LAZR. Revenue for the quarter ended March 31 rose to $18.9 million, topping the $16.3 million average analyst estimate. However, the loss per share widened to $1.82, worse than the expected $1.63 loss. The company said Paul Ricci, former CEO of Nuance, will become chief executive around May 21, following the resignation of Austin Russell as CEO and board chair. Russell will remain on the board, and Luminar noted the inquiry does not affect its financials, according to a Thursday press release. The company reiterated its 2025 revenue target of 10% to 20% growth over the $75.4 million posted in 2024. Analysts are expecting closer to $86.4 million. Gross losses are projected to remain between $5 million and $10 million quarterly through the year. LiDAR shipments jumped 50% sequentially to about 6,000 units in Q1. Luminar expects to triple production volumes by year-end and continue scaling its "Halo" product with OEM partners. This article first appeared on GuruFocus.
