Luminar has reached an agreement to sell its lidar business to Quantum Computing Inc. for $22 million, pending higher offers submitted by a deadline of 5:00 p.m. CT on Monday. This development follows Luminar's prior announcement of plans to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million. Both transactions require approval from the bankruptcy judge in the Southern District of Texas.
Luminar filed for Chapter 11 bankruptcy protection in December. The company's founder and former CEO, Austin Russell, had previously expressed interest in acquiring the lidar assets and attempted to purchase the entire company in October, prior to the bankruptcy filing. Luminar is currently attempting to serve Russell with a subpoena to obtain information from his cell phone. This action is related to a board-led ethics inquiry that preceded Russell's resignation last May, as Luminar evaluates potential legal claims against him.
Quantum Computing Inc. has been designated as the "stalking horse" bidder. This designation establishes a baseline valuation for the assets and aims to prevent significantly undervalued bids. The company's role is to set a minimum acceptable price, encouraging other potential buyers to offer more. Luminar has stated its intention to maximize value for its stakeholders through the sale process.
The outcome of the bidding process remains uncertain, with no confirmation on the number of other bids Luminar might receive by Monday's deadline. The lidar business sale represents a significant step in Luminar's restructuring efforts following its bankruptcy filing. The company aims to streamline its operations and focus on core strategic areas. The bankruptcy court's decision will ultimately determine the finalization of the sale to Quantum Computing Inc. or another bidder.
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