Luminar Obtains $200M Capital Commitment
Luminar Technologies has entered into a definitive agreement with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, and another accredited investor, to issue up to $200 million of convertible preferred stock to the investors in registered direct offerings over an 18-month period. Under the terms of the agreement, Luminar will issue $35 million in stated value of convertible preferred stock to the investors at an initial closing, and may subsequently issue additional tranches in amounts of up to $35 million.
The proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement, according to Luminar. The company recently appointed Paul Ricci as CEO following the resignation of founder Austin Russell.
/Buyers-Guide/Luminar-Technologies-Inc/c31314