Luminar Files for Chapter 11 Bankruptcy Amidst Contract Loss
Luminar Technologies Inc has filed for Chapter 11 bankruptcy after losing a contract with Volvo Car AB. The company, known for its laser-based sensors for vehicles, has faced a tumultuous year with layoffs and increasing debt. In a bid to stabilize, Luminar has reached a deal to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million, marking a significant shift in its operations.
Luminar Files for Chapter 11 Bankruptcy Amidst Contract Loss
Luminar Technologies Inc has filed for Chapter 11 bankruptcy after losing a contract with Volvo Car AB. The company, known for its laser-based sensors for vehicles, has faced a tumultuous year with layoffs and increasing debt. In a bid to stabilize, Luminar has reached a deal to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million, marking a significant shift in its operations.
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