Luminar Technologies More Than Doubles Post SPAC Merger

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Peter Thiel-backed Luminar Technologies Inc. briefly touched an all-time high within days of emerging as a standalone company as investor excitement over developers of laser-sensors that enable autonomous driving (lidar) ramped up.

Shares of Luminar more than doubled since it completed its reverse merger with special purpose acquisition company Gores Metropoulos last week, trading above $38 Monday afternoon. Luminar warrants also hit a high, rising more than 200% over the same time, to more than $15.

Velodyne Lidar jumped 16.5% Monday on mre than 2.5x average daily, three-month volume.

Luminar Technologies More Than Doubles Post SPAC Merger

Meanwhile, SPACs are bringing more lidar plays to market. Bruce Linton’s SPAC Collective Growth Corp. is said to be in talks with Innoviz, as Bloomberg first reported last week. And InterPrivate Acquisition Corp. tapped Mountain View, California-based lidar company Aeva in early November. Both SPACs also gained on Monday.

©2020 Bloomberg L.P.

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