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Gores Metropoulos (GMHI) Completes Luminar Combination
by Nicholas Alan Clayton on 2020-12-02 at 12:42pm

Gores Metropoulos, Inc. (NASDAQ:GMHI) announced that it has closed its business combination with Luminar Technologies after securing shareholder approval on December 1.

Gores has not yet filed an 8-K detailing the completion vote, but its press release noted that the final deal involved $406 million from its trust, indicating minimal or no redemptions. Gores was estimated to have $406.3 million in its trust and it faced a low redemption risk as it opened trading at $18.95 on the day of the vote compared to an estimated redemption rate of $10.16.

The combined company will retain the Luminar Technologies name and will begin trading on the Nasdaq under the ticker symbol “LAZR” tomorrow, December 3.

Gores Metropoulos announced its $2.9 billion deal with Luminar on August 24. Luminar provides a lidar technology to avoid collisions and steer autonomous vehicles and expects to go into full production with Volvo cars in 2022.

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