Such “blank check” companies are publicly traded shell companies formed specifically to invest in private firms and provide a less fraught, smoother road to public ownership than a traditional initial public offering (IPO). Strictly speaking, Luminar entered the path to go public with its 24 August 2020 announcement of the merger with Gores Metropoulos, a SPAC sponsored by The Gores Group, a global investment firm. And the stock’s conspicuously successful maiden voyage made the company’s 25-year-old founder, Austin Russell, one of the youngest persons in history to attain billionaire status. That was some 26% above the price fetched by shares of Gores Metroupolus, the predecessor stock to LAZR, only one day before. The company’s shares-trading publicly for the first time on the NASDAQ exchange, under the ticker symbol LAZR-ended their first trading day at a price of US$22.98 apiece as of 4:00 p.m. On 3 December 2020, a bit more than three months after announcing its merger with the special-purpose acquisition company (SPAC) Gores Metroupolus Inc., the solid-state lidar developer Luminar Technologies made its debut on Wall Street in spectacular style. The first-day performance of Luminar’s new stock issue made Russell one of the youngest people ever to attain billionaire status. Reason to smile: Luminar founder and CEO Austin Russell, in a vehicle equipped with one of the lidar company’s test systems.
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