LAZR - Luminar Technologies shares slide 7% as rival Innoviz announces $1.4B SPAC merger with Collective Growth

Last week, automotive lidar company Luminar Technologies (LAZR) raised about $500M when it went public through a reverse merger with SPAC Gores Metropoulos.Lidar peer Innoviz Technologies (INVZ) now announces it will raise $350M in a $1.4B reverse merger with SPAC Collective Growth (CGRO).The $350M includes $150M of cash from Collective Growth and a $200M fully committed PIPE at $10/share led by Antara Capital.The transaction is expected to close in Q1 2021. The new entity will list on the Nasdaq under the "INVZ."Innoviz backers include auto supply giants Magna International and Aptiv, and the company is partnered with BMW to supply sensors for its iX SUV due out next year.2020 could be called the year of the lidar-focused reverse mergers. Velodyne (VLDR) went public this summer after merging with Graf Industrial.And Aeva plans to go public via a $2.1B merger with InterPrivate Acquisition in a deal that will also close in Q1 2021. Aeva will appear on the Nasdaq

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Luminar Technologies shares slide 7% as rival Innoviz announces $1.4B SPAC merger with Collective Growth