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ORLANDO, FL - Luminar Technologies, Inc. (NASDAQ:LAZR), a company specialized in motor vehicle parts and accessories, announced on Monday that it has amended and restated its bylaws. The changes, approved by the Board of Directors on August 28, 2024, include updates to stockholder proposal requirements and director nomination processes.
The modifications to the company's "advance notice" provisions aim to streamline the way stockholders submit director nominations and other proposals. Notably, the term "acting in concert" and certain associated disclosure requirements have been removed.
Additionally, a definition for "principal competitor" has been added, which pertains to required disclosures about stockholders' interests in competitors or material agreements with them.
The company, with its principal executive offices located at 2603 Discovery (NASDAQ:WBD) Drive, Suite 100, Orlando, Florida, has filed the full text of the amended and restated bylaws as Exhibit 3.1 with the Securities and Exchange Commission (SEC). This filing is based on a press release statement.
Luminar Technologies, founded as Gores Metropoulos, Inc., and previously known as Luminar Technologies, Inc./FL, has undergone name changes in the past, with the most recent change occurring on December 3, 2020. The company's fiscal year-end is December 31.
In other recent news, Luminar Technologies has made significant strides in its financial and operational strategies. The company recently reported Q2 revenue of $16.5 million and anticipates modest growth in Q3.
As part of its financial strategy, Luminar has restructured its $422 million debt, reducing it to $274 million, and extended its maturity from 2026 to 2030. Additionally, the company secured $100 million in new non-dilutive capital, with plans to raise another $100 million to reach profitability.
TD Cowen, an analyst firm, has revised its outlook on Luminar, lowering the price target on the company's shares from $5.00 to $3.00, while maintaining a Buy rating. The firm noted that Luminar has taken steps to "right-size the balance sheet," alleviating some concerns over liquidity, but hinted at the possibility of another round of financing.
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