[AutonomousVehicles] LIDAR company Luminar files for bankruptcy

Wed Dec 17 16:12:01 UTC 2025

Hi Everyone,
The Lidar company Luminar has filed for bankruptcy.
Article Link and Text Below:

Article Link:
https://investors.luminartech.com/news-events/press-releases/detail/110/luminar-technologies-inc-initiates-voluntary-chapter-11

Article Text

Enters Chapter 11 with Support from Noteholders to Fund Process with
Existing Cash on Hand

Reaches Agreement to Sell LSI to Quantum Computing Inc. for $110 Million in
Cash

Continues to Deliver High-Performance LiDAR and Related Services and
Support to Customers

ORLANDO, Fla.--(BUSINESS WIRE)-- Luminar Technologies, Inc. (NASDAQ: LAZR)
(the “Company” or “Luminar”), a leading global technology company, today
announced that it has initiated voluntary chapter 11 cases in the U.S.
Bankruptcy Court for the Southern District of Texas (the “Court”). The
Company has entered chapter 11 with the support of approximately 91.3% of
its first lien noteholders and approximately 85.9% of its second lien
noteholders (the “Ad Hoc Group”) to facilitate value-maximizing sale
processes for its LiDAR business (“LiDARCo”) and for the equity of its
Luminar Semiconductors. Inc. (“LSI”) subsidiary. LSI is not a debtor in
Luminar’s chapter 11 cases and its operations are expected to be unaffected
by the chapter 11 filing.

Prior to initiating these chapter 11 cases, the Company entered into an
agreement with Quantum Computing Inc. (“QCi”) pursuant to which QCi will
purchase the equity of LSI for cash consideration of $110 million (subject
to customary adjustments), subject to higher or better offers under the
sale process the Company is seeking to conduct under section 363 of the
Bankruptcy Code.

To facilitate these transactions, fund the chapter 11 cases and support
operations throughout the marketing and sale process, the Ad Hoc Group has
consented to Luminar’s use of approximately $25 million of cash on hand
pursuant to an agreed cash collateral order.

“These transactions provide Luminar with the best opportunity to maximize
value for all of its stakeholders,” said Paul Ricci, CEO of Luminar. “Over
the past six months, we have taken meaningful steps to drive operational
discipline, streamline our cost structure, and sharpen our strategic
direction, but our legacy debt obligations and the pace of industry
adoption have challenged our ability to operate the business in a
sustainable way. After a comprehensive review of our alternatives, the
board determined that a court-supervised sale process is the best path
forward. As we navigate this process, our top priority is to continue
delivering the same quality, reliability and service our customers have
come to expect from us.”

During the chapter 11 cases, Luminar expects to continue operating its
business and working closely with its suppliers and partners to minimize
disruptions and maintain delivery of its LiDAR hardware and software. To
that end, Luminar has filed a number of customary “First Day Motions.” Upon
Court approval, these motions will enable the Company to, among other
things, continue payment of employee wages and benefits, honor commitments
to customers, and satisfy obligations to vendors and partners incurred
after the filing date.

Additional Information about the Court-Supervised Sale Process

The Company has filed a motion seeking authorization to conduct sale
processes for the LSI equity and the LiDAR business designed to achieve the
highest or otherwise best offer for the assets pursuant to section 363 of
U.S. Bankruptcy Code. The motion sets out proposed bidding procedures for
both sales, along with a proposed timeline that, given the extensive
marketing processes already conducted by the Company, anticipates
completion of the transactions by the end of January 2026, subject to
Bankruptcy Court approval and other customary closing conditions.

Additional information regarding Luminar’s chapter 11 process, including
court filings, is available at https://omniagentsolutions.com/Luminar, by
calling the Company’s claims agent, Omni Agent Solutions at (888) 901-3403
(U.S. & Canada toll free) or +1 (747) 293-0190 (International), or by
emailing LuminarInquiries at OmniAgnt.com.

Advisors

As previously announced, Luminar has engaged Weil, Gotshal & Manges LLP, as
legal advisor, Jefferies LLC, as investment banking advisor, and Portage
Point Partners, LLC, as restructuring advisor, to assist Luminar in
analyzing and evaluating potential strategic alternatives and initiatives
to improve liquidity.

About Luminar:

Luminar is a global technology company advancing safety, security and
autonomy across automotive, commercial, and defense sectors. Its
proprietary LiDAR hardware, software, semiconductor and photonics
technologies have been developed in-house to meet the demanding performance
and scalability requirements of applications spanning passenger vehicles,
trucking, logistics, industrial, security, and more. With series production
underway and commercial traction across industries, Luminar is uniquely
positioned to deliver the next generation of advanced, mission-critical
LiDAR and photonics solutions. For more information, please visit
www.luminartech.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements.” All
statements other than statements of historical fact are “forward-looking”
statements for purposes of the U.S. federal and state securities laws,
including the Private Securities Litigation Reform Act of 1995. These
statements may be identified by the use of forward-looking terminology such
as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,”
“predict,” “should,” “will,” or “would” or the negative thereof or other
variations thereof or comparable terminology. These forward-looking
statements are subject to a number of factors and uncertainties that could
cause the Company’s actual results to differ materially from those
expressed in or contemplated by the forward-looking statements. Such
factors include, but are not limited to: risks attendant to the bankruptcy
process, including the Company’s ability to obtain court approval from the
Court with respect to motions or other requests made to the Court
throughout the course of the chapter 11 cases; the ability to negotiate and
confirm a sale of LSI and LiDARCo. under section 363 of the Bankruptcy
Code; the effects of the chapter 11 cases, including increased legal and
other professional costs necessary to execute the Company’s liquidation, on
the Company’s liquidity (including the availability of operating capital
during the pendency of the chapter 11 cases), results of operations or
business prospects; the effects of the chapter 11 cases on the interests of
various constituents and financial stakeholders; the length of time that
the Company will operate under chapter 11 protection and the continued
availability of operating capital during the pendency of the chapter 11
cases; objections to the Company’s restructuring process or other pleadings
filed that could protract the chapter 11 cases; risks associated with
third-party motions in the chapter 11 cases; Court rulings in the chapter
11 cases and the outcome of the chapter 11 cases in general; the Company’s
ability to comply with the restrictions imposed by the terms and conditions
of its financing arrangements; employee attrition and the Company’s ability
to retain senior management and other key personnel due to the distractions
and uncertainties; the Company’s ability to maintain relationships with
suppliers, customers, employees and other third parties and regulatory
authorities as a result of the chapter 11 cases; the impact and timing of
any cost-savings measures and related local law requirements in various
jurisdictions; finalization of the Company’s annual and quarterly financial
statements; risks relating to the delisting of the Common Stock from Nasdaq
and future quotation of the Common Stock; the impact of litigation and
regulatory proceedings; the impact and timing of any cost-savings measures;
and other factors discussed in the Company’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other filings with the Securities and
Exchange Commission (the “SEC”). These risks and uncertainties may cause
the Company’s actual results, performance, liquidity or achievements to
differ materially from any future results, performance, liquidity or
achievements expressed or implied by these forward-looking statements. For
a further list and description of such risks and uncertainties, please
refer to the Company’s filings with the SEC that are available at
www.sec.gov. The Company cautions you that the list of important factors
included in the Company’s SEC filings may not contain all of the material
factors that are important to you. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking statements
contained in this report may not in fact occur. The Company undertakes no
obligation to publicly update or revise any forward-looking statement as a
result of new information, future events or otherwise, except as otherwise
required by law.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20251215124811/en/

Media Relations:
Jude Gorman / Dylan O’Keefe
Collected Strategies
Luminar-CS at collectedstrategies.com
Press at luminartech.com

Source: Luminar Technologies, Inc.
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