Thursday, 22 May, 2025
Luminar Secures Up to $200M Amid CEO Exit and Layoffs to Stabilize Operations
Luminar Technologies has arranged up to $200 million in funding through convertible preferred stock sales to Yorkville Advisors Global and an unnamed investor, following CEO Austin Russell's resignation amid an ethics inquiry. The company also initiated a new round of layoffs, its third since 2024, aiming to reduce costs by $4–5 million. New CEO Paul Ricci leads efforts to stabilize operations and extend liquidity amid ongoing financial challenges.
Read full story at TechCrunch