TECH - Luminar Technologies Stock Is Trading Lower Monday - What's Going On? | Benzinga
Lidar company Luminar Technologies, Inc. (NASDAQ:LAZR) is reducing its workforce by 20% and relying more heavily on its contract manufacturing partner as it restructures towards a more “asset-light” business model to scale production. The stock is trading lower, and it went down as much as 13% on Monday.
The workforce reduction will impact about 140 employees. The company will also part ways with most of its contract workers.
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Founder and CEO Austin Russell emphasized in a letter on Luminar’s website ...