Luminar Technologies announced on October 21, 2024, that it would hold a virtual Special Meeting of Stockholders on October 30, 2024. The primary agenda for this meeting is to vote on a proposal to carry out a reverse stock split.
The company stated that executing the reverse split is intended to allow for compliance with NASDAQ's trading requirements, which typically mandate a minimum share price. This action aims to improve liquidity and facilitate greater participation from institutional investors, many of whom are restricted from investing in stocks below a certain absolute dollar threshold.
Furthermore, the reverse split is expected to provide greater share availability, which Luminar believes will help enable it to carry out its business plans. This corporate action is a direct response to market conditions and regulatory compliance, aiming to strengthen the company's position for future growth.
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