Yorkville Advisors

growth-negative

Luminar, a lidar technology company, has secured a deal with Yorkville Advisors Global and an unnamed investor to raise $200 million through convertible preferred stock over 18 months. This follows significant leadership changes, with founder Austin Russell replaced by Paul Ricci as CEO, and a series of layoffs, including 212 employees laid off in 2024. The company has faced financial challenges, with a market cap now at $179 million, down from a $3.4 billion valuation post-SPAC merger in 2021. The new investment aims to provide financial flexibility and support corporate purposes and debt retirement.