Weil is advising Luminar Technologies, Inc. (“Luminar”), a global technology company focused on LiDAR and photonics solutions, in its voluntary chapter 11 cases filed in the United States Bankruptcy Court for the Southern District of Texas. Luminar initiated the chapter 11 proceedings with the support of a substantial majority of its first lien and second lien noteholders to facilitate value-maximizing sale processes for its LiDAR business and for the equity of Luminar Semiconductors, Inc. (“LSI”), Luminar’s non-debtor subsidiary.

Luminar is a global technology company advancing safety, security and autonomy across automotive, commercial and defense sectors. Its proprietary LiDAR hardware, software, semiconductor and photonics technologies have been developed in-house to meet the demanding performance and scalability requirements of applications spanning passenger vehicles, trucking, logistics, industrial, security and more.

In connection with the chapter 11 proceedings, Luminar has entered into a “stalking horse” agreement pursuant to which Quantum Computing Inc. has agreed to acquire the equity of LSI for $110 million in cash, subject to customary adjustments and a court-supervised sale process. Luminar is using its cash on hand to fund the chapter 11 cases and support ongoing operations. Luminar has received customary first-day relief to continue operating its businesses in the ordinary course.

The Weil team advising Luminar is led by Restructuring Department Co-Chair Ronit Berkovich and Restructuring partners Jessica Liou and Stephanie Morrison, and includes associate Austin Crabtree; Mergers & Acquisitions partners Amanda Fenster and Gavin Westerman, counsel Barrett Schitka and associate Stephanie Peterson; Governance, Securities & Reporting Co-Head Lyuba Goltser and partner Steven Bentsianov; Capital Markets partner Merritt Johnson and associate Stefan Tsourovakas; Banking & Finance partner Brendan Conley; Tax partner Alfonso Dulcey and counsel Blake Bitter; and Complex Commercial Litigation partner Robert Stern.