GMHI - Lidar company Luminar Technologies gains 39% after SPAC merger

Shares of Luminar Technologies (LAZR) surged as high as 39% today after going public through a reverse merger with SPAC Gores Metropoulos (GMHI).The maker of light detection and ranging or lidar sensors received about $500M in cash in the deal. Lidar uses light (a pulsed laser) to measure distance ranges.Luminar was recently tapped by Intel's Mobileye to furnish sensors for its first-generation autonomous vehicle fleet.LAZR shares are currently up nearly 33% to $23.87.

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Lidar company Luminar Technologies gains 39% after SPAC merger