[ad_1]
Luminar Technologies Inc. LAZR,
shares rallied nearly 40% on Friday, doubling in two days as a public company following a merger with a blank check company. Luminar-based Palo Alto, Calif., Which develops lidar for autonomous driving and advanced driver assistance systems, merged with special-purpose acquisition company Gores Metropoulos Inc. gmhiu
Wednesday, and the combined company retained the Luminar name and began trading on the Nasdaq on Thursday. As part of the transaction, Luminar received approximately $ 590 million in gross proceeds. Luminar is one of many companies offering lidar products, and several automakers are developing products in-house or using third-party lidar technology as part of their autonomous driving efforts and ADAS offerings. Famous, Tesla Inc. TSLA,
CEO Elon Musk has criticized the technology and his automaker will not use it, preferring to collect data around its vehicles via radar, GPS and other data collection sensors. Competitor Velodyne Lidar Inc. VLDR,
started in September.
[ad_2]
Source link