Share Dilution

Luminar transaction increased and closed at $ 625 million; Share buyback plan increased to over $ 300 million

Net cash flow to accelerate growth and expansion through major business gains

ORLANDO, Florida, December 23, 2021– (COMMERCIAL THREAD) – Luminar Technologies, Inc. (Nasdaq: LAZR) today announced the successful execution of its previously announced transaction, with the intention of buying shares and accelerating its growth. The transaction was oversubscribed on the basis of positive support from institutional investors and raised to a total of $ 625 million in gross proceeds. Luminar plans to use more than $ 300 million of the proceeds to purchase LAZR shares, while the remaining capital will strengthen Luminar’s balance sheet.

“We are more convinced than ever of our market leadership and business trajectory, and opportunistically capitalizing on what we believe to be a significantly undervalued and volatile stock price,” said Tom Fennimore, Managing Director Luminar Financial. “The net proceeds raised from the private convertible bond will be invested to accelerate our growth, and our share buyback is designed to offset future dilution. By doubling the future of Luminar, we also bought a large call option overlay at around $ 30 per share. strike price. It’s an easy bet! “

Luminar intends to use the net proceeds to accelerate the growth of the business, including: expansion of mass production capacity, further business gains, advancement of technology roadmap, international expansion and acceleration of software development. Luminar remains on track to enter mass production by the end of 2022.

In addition to the company, all members of Luminar’s board of directors and eligible management have now acquired or deposited trading plans to acquire additional LAZR shares.

About Luminar

Luminar Technologies, Inc. (Nasdaq: LAZR) is transforming automotive safety and range by providing lidar and associated software that meet stringent industry requirements for performance, safety and economy. Luminar quickly gained more than 50 industrial partners, including the majority of the world’s leading automotive suppliers. In 2020, Luminar signed the industry’s first production agreement for autonomous consumer vehicles with Volvo Cars, which now plans to integrate Luminar’s technology into the standard safety package of its next-generation electric SUV. Other winning clients include SAIC, Daimler Truck AG, Intel’s Mobileye, and Airbus UpNext. Founded in 2012, Luminar employs approximately 400 people with offices in Palo Alto, Orlando, Colorado Springs, Detroit and Munich.

Forward-looking statements

Certain statements included in this press release that are not historical facts are forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by such words. that “objectives”, “believe”, “can”, “will”, “estimate”, “establish”, “continue”, “towards”, “anticipate”, “intend”, “expect” , “Should”, “should”, “forward,” and similar expressions which predict or indicate future events or trends or which are not statements of historical fact. These forward-looking statements include, but are not limited to, statements regarding our expectations regarding the repurchases of Class A common shares under the share repurchase program, our long-term growth potential, the value of our shares Class A standards and our ability to invest to accelerate and expand our technology and market position. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Luminar 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, fluctuations in the price of our shares, fluctuations in the trading volume of our shares, the nature of other investments or strategic opportunities presented to us from time to time. , our operating cash flow; changes in market conditions; or other risks, which could cause actual results to differ materially from forward-looking statements, including the risks discussed under “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 on forward-looking statements, which speak only as of the date they are posted, and Luminar makes no commitment to update any forward-looking statements to reflect events or circumstances after the date of publication. this press release.

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Trey campbell
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