Luminar Technologies stock rallies 40%, doubles after Nasdaq debut

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Luminar Technologies Inc.

shares rallied nearly 40% Friday, doubling in its two days as a public company following a merger with a blank-check company. Palo Alto, Calif.,-based Luminar, which develops lidar for autonomous driving and advanced driver-assistance systems, merged with special purpose acquisition company Gores Metropoulos Inc.
on Wednesday, and the combined company kept the Luminar name and started trading on Nasdaq on Thursday. In the deal, Luminar received about $590 million in gross proceeds. Luminar is one of many companies offering lidar products and several auto makers develop in-house products or use third-party lidar technology as part of their autonomous driving efforts and ADAS offerings. Famously so, Tesla Inc.

Chief Executive Elon Musk has criticized the technology and his auto maker won’t use it, preferring to gather data around its vehicles through radar, GPS and other data-gathering sensors. Competitor Velodyne Lidar Inc.

debuted in September.

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