The special purpose acquisition company (SPAC) trend continues to roll on Thursday, as shares of Luminar (NASDAQ:LAZR) stock are now trading on Wall Street.
This comes after the vehicle tech company completed its “business combination” with SPAC Gores Metropoulos (NASDAQ:GMHI). This deal has been in the works for some time now and marks a big step for Luminar and its technology.
That said, here are a few things to know about the agreement and Luminar:
- Luminar boasts an impressive list of more than 50 commercial partners, including seven of the top 10 vehicle makers world wide.
- The company focuses on automotive LiDAR (light detection and ranging) hardware and software technology.
- This technology’s capabilities can range from tasks like vehicle detection and classification, to actually learning from experience.
- Overall, LiDAR technology is vital for autonomous vehicles (AVs) — and Luminar has a chance at being the leading developer.
Austin Russell, founder and CEO of Luminar, had this to say about the LAZR stock launch:
This is an incredibly proud moment for the entire Luminar team and a milestone for the industry at large. Over the past few years, we’ve made the transition from a technology development startup to now a global provider of autonomous systems to many of the world’s 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.
LAZR stock was up 15.6% to start the day on Thursday.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.