Luminar Technologies Inc. (NASDAQ:LAZR) shares are trading lower Thursday. The lidar company's stock began trading on a split-adjusted basis. Here's what you need to know.
What To Know: Luminar shareholders voted to approve a proposal regarding a reverse stock split at the end of October. On Nov. 13, Luminar's board approved the reverse split at a ratio of 1-for-15. The split went into effect after the market close on Wednesday.
The reverse stock split was authorized by the company's board as part of a larger strategy to improve the company's stock price and potentially attract more institutional investors. The adjusted shares began trading Thursday under the same ticker symbol: "LAZR."
In addition to the reverse stock split, Luminar recently announced that it appointed Dominick Schiano as a new member of its board. Schiano, known for his experience in the automotive industry and as a dealmaker, is expected to contribute valuable strategic insights to the company. He will also join Luminar's Audit Committee.
Luminar provided a business update for the third quarter earlier this month. The lidar company said it shipped more product in the third quarter than it did in the past three quarters combined.
"Today nearly every major automaker has LiDAR planned into their roadmaps, and our commercial growth this quarter is a testament to both our technical leadership and ability to execute to global automaker standards," Luminar founder and CEO Austin Russell said in the company's earnings release.
"This quarter, we've further restructured Luminar to withstand near-term headwinds facing the industry so we are better positioned to capitalize on the long-term value in this trillion-dollar industry."
LAZR Price Action: Luminar Technologies shares were down 6.24% at $10.68 at the time of publication Thursday, according to Benzinga Pro.
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Photo: courtesy of Luminar.
