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Luminar, the manufacturer of high-performance lidar sensors for autonomous vehicles, is about to achieve a major milestone. Following in the footsteps of Velodyne Lidar (NASDAQ:VLDR), which merged with Graf Industrial in late September, Luminar is now all set to become a public entity by merging with the Special Purpose Acquisition Company (SPAC), Gores Metropoulos (NASDAQ:GMHI).

Luminar and Gores Metropoulos (NASDAQ: GMHI) Are Now All Set to Close Their Merger Agreement

Following proposals were tabled before the shareholders of the SPAC Gores Metropoulos during a special meeting today:

Transaction Proposal: To approve and adopt the merger agreement, dated the 24th of August 2020.Issuance Proposal: To approve the issuance of approximately 198.168 million (as well as a contingency of an additional 3 million shares) class A common shares and 104.715 million Class B common shares in connection with the merger with Luminar.Amendment Proposal: To adopt the proposed Second Amended and Restated Certificate of Incorporation.Governance Proposal: To ensure compliance of certain governance provisions, contained within the Second Amended and Restated Certificate of Incorporation, with the U.S. SEC requirements.Management Longer-Term Equity Incentive Plan Proposal: To approve the Management Longer-Term Equity Incentive Plan.Omnibus Incentive Plan Proposal: To approve the 2020 Equity Incentive Plan.Employee Stock Purchase Plan Proposal: To approve the 2020 Employee Stock Purchase Plan.Director Election Proposal: To elect five directors to serve on the board.Adjournment Proposal: To adjourn the special meeting to a later date.

Gores Metropoulos shareholders have now approved all proposals, thereby paving the way for the closure of the merger agreement with Luminar. Once that occurs, the shares of the combined company will start to trade on the NASDAQ under the ticker symbol LAZR. Moreover, the combined company will adopt the name Luminar Technologies, Inc. Nonetheless, GMHI shares are down today due to the weakness in the broader SPAC sphere.

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Luminar has continued to ink high-profile deals even in the pre-merger phase. As an illustration, on the 30th of October, the company entered into a strategic partnership with Daimler Truck AG, the world’s largest commercial vehicle manufacturer. As per the arrangement, Daimler would collaborate with Luminar to commercialize trucks with SAE Level 4 autonomy – one that requires no human intervention – by leveraging and enhancing Luminar’s lidar tech. In order to further strengthen this partnership, Daimler also acquired a minority stake in Luminar.

Thereafter, on the 23rd of November, Luminar disclosed a sales agreement with Intel’s (NASDAQ:INTC) Mobileye division for its lidar sensors. As per the details, Mobileye will add Luminar’s sensors to its TRUE REDUNDANCY™ solution – an integrated system that leverages data streams from 360-surround view cameras, lidar, and radar in order to deliver enhanced safety for level 4 autonomous driving. This collaboration would take place under the ambit of Mobileye’s level 4 Mobility-as-a-Service (MaaS) pilot project, which entails the deployment of driverless fleet in key markets around the world, including Tel Aviv, Dubai, Paris, France, and Daegu City.

Of course, we noted in a previous post that Luminar’s lidar sensors currently offer the maximum proverbial bang for the buck. As an illustration, the company’s proprietary lidar architecture utilizes an InGaAs Receiver & ASIC (2x) 1550nm Laser Dual-Axis Scanner, enabling a wider field of view, a range performance of over 250 meters, and a maximum resolution of over 300 pts/deg2 @ 10Hz.