Lidar maker Luminar files for bankruptcy
4 days ago
- #restructuring
- #bankruptcy
- #LiDAR
- Luminar Technologies, Inc. initiates voluntary Chapter 11 proceedings to facilitate a value-maximizing sale process.
- The company enters Chapter 11 with support from noteholders, using existing cash on hand to fund the process.
- Agreement reached to sell Luminar Semiconductors, Inc. (LSI) to Quantum Computing Inc. for $110 million in cash.
- Luminar continues to provide high-performance LiDAR and related services to customers during the process.
- The company aims to maintain operations, employee wages, and customer commitments while navigating Chapter 11.
- Sale processes for LSI equity and LiDAR business are expected to conclude by January 2026, pending court approval.
- Luminar has engaged legal, investment banking, and restructuring advisors to assist with strategic alternatives.