Haynes Boone guided a leading institutional investor in the purchase of up to $200 million of convertible preferred stock issued by Luminar Technologies, Inc. (NASDAQ: LAZR), a global leader in automotive technology and lidar-based safety systems.
The investment will happen through a series of registered direct offerings over an 18-month period, providing Luminar with flexible capital to support its long-term growth strategy and balance sheet optimization. The company issued $35 million of convertible preferred stock to investors at the initial closing, with future issuances subject to specified closing conditions, including trading price and the volume of Luminar’s shares of common stock.
Capital Markets Practice Group Partners Matt Fry and Greg Kramer and Counsel Simon Cooke led the transaction for Haynes Boone.
Haynes Boone's Capital Markets and Securities Practice Group has played a leading role in numerous IPOs, reverse mergers, acquisitions, follow-on offerings and PIPE financings in recent years across sectors including technology, life sciences, energy and financial services. The firm provides comprehensive advice to clients trading on all major U.S. securities exchanges, over-the-counter markets and all major U.K. stock markets and many foreign markets on a full range of securities transactions and reporting matters.
