Lidar-maker Luminar files for bankruptcy
TL;DR
Lidar manufacturer Luminar, known for deals with Volvo and Mercedes-Benz, filed for bankruptcy amid legal disputes with its ousted founder. It seeks to sell its lidar and semiconductor businesses, with the latter already sold to Quantum Computing for $110 million, while continuing operations during proceedings.
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Luminar, the lidar manufacturer that rode a wave of self-driving car hype to land deals with major automakers like Volvo and Mercedes-Benz, filed for bankruptcy Monday. The company has been mired in a legal fight with its founder and former CEO, Austin Russell, who was ousted earlier this year following an ethics inquiry.
As part of its bankruptcy, Luminar is seeking permission to sell both its lidar and semiconductor businesses, the latter of which it has already agreed to sell to Quantum Computing for $110 million. The company plans to continue to operate during the bankruptcy proceedings "to minimize disruptions and maintain delivery of …