\nLuminar Technologies, Inc. (\u201cLuminar\u201d), the global leader in automotive lidar hardware and software technology, and Gores Metropoulos, Inc. (\u201cGores Metropoulos\u201d) (Nasdaq: GMHI, GMHIU and GMHIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC and an affiliate of Metropoulos and Co., today announced the completion of their previously announced business combination (the \u201cBusiness Combination\u201d). The combined company will retain the Luminar Technologies, Inc. name and will commence trading on Nasdaq under the new ticker symbol \u201cLAZR\u201d on December 3, 2020. The Business Combination was approved at a special meeting of Gores Metropoulos stockholders on December 1, 2020.\n<\/p>\n
\nThe successful completion of the Business Combination is reinforced by several landmark achievements in 2020, including the introduction of Luminar\u2019s Iris LiDAR and software products for series production across all three industry verticals: consumer vehicles, trucking, and robo-taxis. Earlier this year, Luminar signed the industry\u2019s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel\u2019s Mobileye. Following the Business Combination, Luminar expects to accelerate commercial growth across its over 50 commercial partners while further expanding its autonomous software and Proactive safety ADAS solutions. Luminar\u2019s Iris is designed into vehicle models planned to commence series production starting in 2022.\n<\/p>\n
\n\u201cThis is an incredibly proud moment for the entire Luminar team and a milestone for the industry at large,\u201d said Austin Russell, Founder and CEO of Luminar. \u201cOver the past few years, we\u2019ve made the transition from a technology development startup to now a global provider of autonomous systems to many of the world\u2019s largest OEMs and commercial trucking players to power their autonomous future in production. We look forward to accelerating widespread commercial adoption of autonomy and proactive safety solutions and embarking on the next phase of our journey as a public company, which will solidify our leadership position well into the future and enable autonomy at an unprecedented scale.\u201d\n<\/p>\n
\nAlec Gores, CEO of Gores Metropoulos, said, \u201cLuminar is unrivaled in its technology and ability to enable autonomy for production vehicles. As a public company, Luminar will now have the platform to fully execute against its vision, further accelerate its commercial programs and expand its already dominant market leadership. We are excited to close this transaction, and I look forward to continuing to work alongside Austin and the entire management team to make our safe autonomous future a reality.\u201d\n<\/p>\n
Transaction Details<\/b><\/p>\n
\nAs a result of the Business Combination, Luminar has received approximately $590 million total cash. This includes $406 million from Gores Metropoulos, as well as $184 million in proceeds from the financing completed in connection with the announcement of the Business Combination, led by institutional investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ. Upon closing of the Business Combination, Alec Gores, CEO of Gores Metropoulos, joined Luminar\u2019s Board of Directors.\n<\/p>\n
Advisors<\/b><\/p>\n
\nDeutsche Bank Securities served as exclusive financial advisor, lead capital markets advisor and sole private placement agent to Gores Metropoulos. Credit Suisse LLC served as additional capital markets advisor and Moelis & Company LLC acted as additional financial advisor to Gores Metropoulos. Weil, Gotshal & Manges, LLP acted as legal advisor to Gores Metropoulos.\n<\/p>\n
\nGCA Advisors, LLC and Jefferies Group LLC served as financial advisors to Luminar. GCA Advisors, LLC served as sole private placement agent on the direct investment into Luminar and Orrick, Herrington & Sutcliffe LLP acted as legal advisor to Luminar.\n<\/p>\n
\nAdditional information about the completed Business Combination will be provided in a Current Report on Form 8-K to be filed by Luminar Technologies, Inc. with the Securities and Exchange Commission and available at www.sec.gov<\/a>.\n<\/p>\n About Luminar Technologies<\/b><\/p>\n \nLuminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry\u2019s stringent performance, safety, and economic requirements. Luminar has rapidly gained over 50 industry partners, including 7 of the top 10 global automotive OEMs. Earlier this year, Luminar signed the industry\u2019s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel\u2019s Mobileye. Luminar has also received minority investments from the world\u2019s largest commercial vehicle manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in automotive safety, to accelerate the introduction of autonomous trucks and cars at highway speed. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information please visit www.luminartech.com<\/a>.\n<\/p>\n About Gores Metropoulos, Inc.<\/b><\/p>\n \nGores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU and GMHIW) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Dean Metropoulos of Metropoulos & Co. Gores Metropoulos was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Mr. Gores and Mr. Metropoulos together have more than 65 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. Over the course of their careers, Mr. Gores and Mr. Metropoulos and their respective teams have invested in more than 180 portfolio companies through varying macroeconomic environments with a consistent, operationally-oriented investment strategy. For more information, please visit www.gores.com<\/a>.\n<\/p>\n Forward Looking Statements<\/b><\/p>\n \nThis press release includes forward-looking statements. These statements are made under the \u201csafe harbor\u201d provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as \u201caccelerate,\u201d \u201cfeel,\u201d \u201cbelieves,\u201d expects,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cintends,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cfuture\u201d \u201cis to be,\u201d or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Luminar\u2019s limited operating history; Luminar\u2019s inability to reduce and control the cost of the inputs on which Luminar relies; the success of Luminar\u2019s customers in developing and commercializing products using Luminar\u2019s solutions; Luminar\u2019s ability to protect its intellectual property rights; Luminar\u2019s ability to meet Nasdaq\u2019s listing standards following the consummation of the transactions contemplated by the Business Combination; the risk that the Business Combination disrupts current plans and operations of Luminar or its subsidiaries as a result of the announcement and consummation of the transactions described herein; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Luminar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; changes in applicable laws or regulations; the possibility that Luminar may be adversely affected by other economic, business and\/or competitive factors; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar\u2019s business; and those factors discussed in the Gores Metropoulos\u2019 registration statement on Form S-4 (No. 333-248794) under the heading \u201cRisk Factors,\u201d filed with the Securities and Exchange Commission. You are cautioned not to place undue reliance upon any forward-looking statements. Any forward-looking statements speak only as of the date on which they are made, and Luminar undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201202005741\/en\/<\/a><\/span><\/p>\n Media \nJennifer Kwon Chou \nJohn Christiansen\/Cassandra Bujarski<\/p>\n
\n<\/span><\/b>
Nicole Phelan
\n
press@luminartech.com<\/a><\/p>\n
\n
The Gores Group
\n
jchou@gores.com<\/a><\/p>\n
\n
Sard Verbinnen & Co
\n
Luminar-SVC@sardverb.com<\/a><\/p>\n