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https://www.businesswire.com/news/home/20201110005750/en/Luminar-Increases-Guidance-Accelerating-DealsLuminar Increases Guidance; Accelerating Deals
New deals and increased volume lead to estimated $1.3B Order Book by year end, up from $1B target November 10, 2020 09:00 AM Eastern Standard Time
LOS ANGELES–(BUSINESS WIRE)–Gores Metropoulos, Inc. (“Gores Metropoulos”) (Nasdaq: GMHI, GMHIU, GMHIW), a special purpose acquisition company, announced today that Luminar Technologies, Inc. (“Luminar”), the global leader in automotive lidar and software technology powering the introduction of highway autonomy, with which Gores Metropoulos has signed a definitive Merger Agreement, has announced a number of major business updates and milestones.
Luminar OEM Programs Accelerating to Production
- Luminar’s partnership with the largest global truck OEM to pursue a common goal of bringing series produced, highly automated trucks (SAE L4) to roads globally accelerates Luminar’s leadership position in trucking autonomy; now partnered with nearly all major programs for long-haul highway automation
- Luminar is engaged with 50% more OEM programs for series production deals to be awarded over next 24 months (now 12, up from 8 in August; only 4 modeled in financial forecast)
Deliverables Met, Cost-Down Curve Ahead of Forecast
- Luminar executed exclusive supply agreements for all three of its key lidar components (receiver, ASIC, and laser), locking in an estimated sub $100 hardware cost in volume
- Luminar is concluding a Contract Manufacturer selection process for series production of Iris; lead partner and factory selected in Mexico
- Luminar is on-track for powering series production vehicles in 2022: delivered key milestone of Iris B-samples; shipped to its lead series production partner Volvo Cars and live on vehicles
Confirmed & Raised Financial Outlook
- Luminar is increasing its target 2020 Order Book from $1 billion to approximately $1.3 billion, due to new OEM deals and increased existing customer volume outlook provided
“Since announcing our deal with Gores Metropoulos just two and a half months ago, our full team has been intensely executing and substantially exceeding our projected annual milestones,” said Austin Russell, Founder and CEO of Luminar. “Our accelerating customer engagements and foray into owning the long-haul autonomous trucking market are paying off, reaffirming our unique ability to enable highway autonomy for both cars and trucks in series production. As we approach closing of our merger with major OEM deals in hand, we’ve now gained substantial long-term visibility as we continue our hyper-growth trajectory as a public company.”
Alec Gores, CEO of Gores Metropoulos, said, “Luminar has advanced leaps and bounds since announcing our pending merger in August. Luminar’s unparalleled technology and strong momentum is accelerating its command of the market for autonomous consumer vehicles and now autonomous trucks. We know this is only the beginning of even greater achievements to come.”
Luminar and Gores Metropoulos expect to close the proposed transaction in Q4 2020, as expected. Upon completion, Gores Metropoulos will change its name to Luminar Technologies, Inc. and will be listed on the Nasdaq under the new ticker symbol “LAZR”.
PSTH Bill AckMan SpacMan The Great Unicorn Hunter HimSelf News
Seth Klarman’s BaupostGroup piled into some of the most popular blank-check deals this year, seeking to capitalize on a burgeoning market.
The hedge fund manager made a near $400 million bet on Bill Ackman’s historic special-purpose acquisition company Pershing Square Tontine Holdings as of the end of the third quarter, according to a new regulatory filing. The SPAC, which marked the largest deal ever when it debuted in July, has a market cap of about $4.6 billion.
Meanwhile, Klarman also picked up $52 million worth of Redball Acquisition, which is co-led by Billy Beane, the baseball executive featured in “Moneyball.”
Some say it’s been a mania in the SPAC space this year amid the coronavirus pandemic and wild market volatility. Proceeds in such deals have more than tripled those in 2019, totaling over $50 billion so far this year, according to Refinitiv.
This is THE week to Announce..
Jedi Info On The Markets The MM Dont Want You To Know Mr. Retail
Madera or Pfizer
Separate which allows buskins to stay open
cares act will save business hurt by covid
we need to be aligned with other democracies…. WHOOOOooooooo
- invest in american workers
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- he will announce jan 21st
No government contract will be given to companies that do not make their products here in America.
News provided by The Lion Electric Co.
Nov 16, 2020, 13:31 ET
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SAINT-JÉRÔME, QC, Nov. 16, 2020 /PRNewswire/ – Lion Electric (Lion) today applauded the Green Economy Plan, or “Plan pour une économie verte” (PEV), presented by the Minister of the Environment and the Fight against Climate Change.
Lion enthusiastically supports the emphasis placed on electrification of transportation within the plan, particularly in school transportation, transit and urban trucking. Lion sees that this plan can accelerate the momentum needed to propel Quebec towards achieving its sustainable mobility objectives.
“I would like to congratulate the Government of Quebec for taking the path of electrifying transportation in such a strong way today. The entire Lion team has dreamed of electrifying heavy-duty transportation for over 10 years. Today, the unveiling of the Plan for a Green Economy confirms that this dream will become reality in Quebec in the coming years. I can also assure you that Lion will put its experience and expertise at the service of the transportation industry to facilitate their transition to electric. Quebecers will win by moving towards electrification of heavy transport in Quebec. “
— Marc Bedard, CEO and founder Lion Electric
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The Santa Monica, California-based company has held discussions with prospective special purpose acquisition companies, or SPACs, but hasn’t reached an agreement, said the people, who asked not to be identified because the information is private. Bird has received inbound interest from SPACs, one of the people said.
The discussions are in an early stage and Bird could decide not to go through with a transaction, the people said.
Bird said in a statement: “We have no plans to go public this year and remain dedicated to partnering deeply with the cities and neighborhoods we serve during this significant time of need — providing free rides to front line health care workers and discounted rides to community members — and building a sustainable business that is complementary to public transit while continuing our path to profitability.”
A representative for Credit Suisse declined to comment.
Funded by venture capital firms, Bird and its rivals in the scooter space grew initially in reach and valuation but have struggled with profitability, especially during the coronavirus pandemic. Lime raised $170 million in May in a round led by Uber Technologies Inc. and acquired Uber’s electric-bike rental business Jump as part of the deal.
Bird raised funding at a $2.85 billion valuation this year, according to PitchBook. Its investors include Sequoia, Accel and Index Ventures, among others.
Blank-check companies have boomed to an all-time high this year, raising more than $60 billion in initial public offerings to search for targets, according to data compiled by Bloomberg. Merging with a SPAC allows the target to go public without the difficulty or risk of an IPO.