"The takeover effort was disclosed in an SEC filing by Russell early Friday morning. It would involve his new company, Russell AI Labs, purchasing 100% of the outstanding shares of Luminar's Class A Common Stock for an undisclosed price. If it happens, Luminar would remain publicly traded, and Russell AI Labs may "acquire a different, larger global automotive technology company" and merge it with Luminar "to create a unified technology platform business ('Luminar 2.0')," according to the filing."
"The proposal was made on October 14, "at the suggestion of certain shareholders" of Luminar and "the invitation of certain members of the board" - though the filing does not name names. Luminar and Russell AI Labs did not immediately respond to a request for comment. The proposed acquisition is just as sudden and surprising as Russell's replacement in May. Luminar announced Russell's resignation on May 19, the same day that the company reported its first-quarter earnings."
Austin Russell filed with the SEC proposing that Russell AI Labs purchase 100% of Luminar's Class A common stock for an undisclosed price. Luminar would remain publicly traded while Russell AI Labs may acquire a larger global automotive technology company and merge it with Luminar to create a unified platform called 'Luminar 2.0.' The proposal was made on October 14 at the suggestion of certain shareholders and the invitation of certain board members. Russell was replaced as Luminar CEO in May after a board ethics inquiry, and Luminar named Paul Ricci as CEO. Shareholders have sued over the resignation disclosure.
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