"Luminar has reached a deal to sell its lidar business to a company called Quantum Computing Inc. for just $22 million, unless it receives better offers by a deadline of 5:00 p.m. CT on Monday. The lidar-maker, which filed for Chapter 11 bankruptcy protection in December, already announced plans to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million. The deals have to be approved by the bankruptcy judge in the Southern District of Texas before they are finalized."
"Luminar founder and former CEO Austin Russell has signaled interest in submitting a bid for the lidar assets and tried to buy the whole company in October, before it filed for bankruptcy. The company is currently trying to serve him with a subpoena for information stored on his cell phone, as Luminar evaluates whether it wants to make any legal claims against him related to the board-run ethics inquiry that led to his resignation last May."
Luminar reached a tentative deal to sell its lidar business to Quantum Computing Inc. for $22 million, with a deadline for higher bids set at 5:00 p.m. CT on Monday. Luminar also announced plans to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million. Both sales require approval from the bankruptcy judge in the Southern District of Texas. Founder and former CEO Austin Russell signaled interest in bidding and previously attempted to buy the company; Luminar is seeking to serve him with a subpoena as it evaluates potential legal claims related to a board-run ethics inquiry. Quantum Computing Inc. was designated as a "stalking horse bidder," and Luminar seeks a swift bankruptcy process with funding support from its largest creditors.
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]