Luminar, CEO, Board Members, and Management Announce Plan to Purchase a Total of $250 Million of LAZR Stock
December 14 2021 - 6:30AM
Business Wire
Also Expecting Additional Capital to Bolster
Balance Sheet to Accelerate Growth
News Highlights:
- Share purchases expected to begin after market open today,
December 14;
- Company purchase expected to be financed with portion of
proceeds from private financing;
- Expecting additional cash to accelerate growth, commercial
wins
Luminar Technologies, Inc. (Nasdaq: LAZR), with support of its
CEO, board members, and management, today announced its
authorization and intent to purchase $250 million or more of its
Class A common stock, which is anticipated to commence today after
market open. The company plans to use a portion of the proceeds
from a proposed private financing transaction for the share
repurchase.
“Over the past year, our breakthrough technology and commercial
success have begun to usher in a new era of safety and autonomy for
the industry on production consumer vehicles and trucks,” said
Austin Russell, Luminar Founder and CEO. “Given our current
position and our trajectory, we think our stock price has not
reflected the wins and successes we’ve had over the past year since
our public debut, with substantial inefficiency in the market.
Today, we’re putting our money where our mouth is by executing this
significant purchase of shares as we accelerate our industry
leadership.”
In addition to the Company, certain Luminar board members and
management, led by Founder and CEO Austin Russell, intend to
purchase LAZR shares in the open market or as part of pre-arranged
stock trading plans. The timing of purchases will be subject to
compliance with federal securities laws and Luminar’s policies.
“Austin has built the winning team, technology, product,
strategy, and commercial deals to make the next automotive
revolution a reality,” said Alec Gores, Founder and CEO of The
Gores Group. “We already had high conviction in Luminar and the
potential to win when we took them public, and that has increased
dramatically this past year.”
About Luminar
Luminar Technologies, Inc. (Nasdaq: LAZR) is transforming
automotive safety and autonomy by delivering lidar and associated
software that meets the industry’s stringent performance, safety,
and economic requirements. Luminar has rapidly gained over 50
industry partners, including a majority of the top global
automotive OEMs. In 2020, Luminar signed the industry’s first
production deal for autonomous consumer vehicles with Volvo Cars,
which now expects to make Luminar’s technology part of the standard
safety package on their next generation electric SUV. Additional
customer wins include SAIC, Daimler Truck AG, Intel’s Mobileye,
Pony.ai and Airbus UpNext. Founded in 2012, Luminar employs
approximately 400 with offices in Palo Alto, Orlando, Colorado
Springs, Detroit, and Munich.
Additional Information Regarding Purchase Program:
Under Luminar’s repurchase program, Luminar may purchase shares
of Class A common stock on a discretionary basis from time to time
through open market repurchases, privately negotiated transactions
or other means, including through Rule 10b5-1 trading plans or
through the use of other techniques such as accelerated share
repurchases. The timing and number of shares repurchased will
depend on a variety of factors, including stock price, trading
volume, and general business and market conditions. The repurchase
program has no time limit, does not obligate Luminar to acquire any
particular amount of Class A common stock and may be modified,
suspended or discontinued at any time at the company’s discretion.
The Board has authorized an increase in the size of the repurchase
program to 50% of the aggregate principal amount of the company’s
recently proposed private financing, if greater than $250
million.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under 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. These forward-looking statements
include, but are not limited to, statements regarding our
expectations regarding repurchases of our Class A common stock
under the stock repurchase program, our long-term growth potential,
the value of our Class A common stock and our ability to invest to
accelerate and extend our market position. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of Luminar’s
management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties, including but not limited to our inability to
complete the proposed private financing transaction, fluctuations
in our stock price, the fluctuations in the trading volume of our
stock, the nature of other investments or strategic opportunities
presented to us from time to time, our cash flows from operations;
changes in market conditions; or other risks, that could cause
actual results to differ materially from the forward-looking
statements including the risks discussed under the heading “Risk
Factors” in the Annual Report on Form 10-K filed by Luminar on
April 14, 2021, and other documents Luminar files with the SEC in
the future. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made
and Luminar undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211213006101/en/
Media Relations: Press@luminartech.com
Investor Relations: Trey Campbell
trey.campbell@luminartech.com
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