Leather Company Luminar signed a contract with York Will Advisors Global and an unknown investor who could earn $ 200 million in its treasury through the sale of Converting Priority Stock in 18 months. The contract, which was Announced in regulatory filing On Wednesday, after a sudden change in leadership and holiday.
Earlier this month, Luminar’s board replaced the founder Austin Russell As a CEO and board chair. The Luminar board appointed Paul Reiki for this role. Reiki is the former chairman and CEO of Nawas. The company also launched Another round of roofs – This is the third since the spring 2024.
Under the terms, Luminar will release 35 million in the preferential stock that changes investors. Luminar additional supports up to $ 35 million at a purchase price every more than 60 days, which is equivalent to 96 % of the Convertable Priority Stock’s statement. However, luminar is not under any responsibility to release additional stocks.
“Today’s transaction gives us extra financial flexibility and strengthens our balance sheet,” said Luminar CFO Tom Fenimore in a statement. “We have made significant progress in expanding our liquidity runway with our reorganization efforts, and under this convenience, the extra capital available to us provides us with another tool to understand our long -term value.”
The company said the amount received from the first $ 35 million launch is expected to be used for normal corporate goals and debt retirement.
York Well has presented these lifelines to other struggling public trade companies, a list that includes the failure. Lord Stown MotorsFor, for, for,. Fraudy futureAnd now bankrupt canoes.
Luminar was founded by Russell in 2012 when he was only one teenager. Luminar, and Russell, Silicon Valley’s dear when the Leather Startup cover was broken In April 2017 After working for years in confidentiality and the rise of the technology of sovereign vehicles.
In 2021, the Luminar was found with the special purpose of the Company Gores Metropolos Inc., followed by the aftermath of the market price 4 3.4 billion. Today, Luminar’s market cap is $ 179 million. Prior to the announcement of Space, Luminar raised $ 250 million.
Luminar has won something, but many times he has been restructured. Luminar cut off about 30 % of his workforce in 2024 through a sixth. Some of these holidays spread in the first quarter of 2025. A total of 212 employees were released.
In a regulatory filing earlier this month, the company said it started additional holidays on May 15. These new holidays are expected to cost $ 4 million to $ 5 million in cash. It is expected that the other and third constituencies of this year will cost these costs.