Luminar Technologies (LAZR) plans to issue up to $200 million of convertible preferred stock to an investment fund managed by Yorkville Advisors Global and an undisclosed investor to bolster liquidity.
Luminar will issue $35 million in stated value of convertible preferred stock at an initial closing and may issue tranches of the stock in amounts of up to $35 million at a purchase price equal to 96% of the convertible preferred stock, the company said.
The proceeds from the initial issue will be for general corporate purposes and debt retirement, Luminar said Wednesday in a statement.
Luminar shares fell 6.8% in after-hours trading.
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