Luminar Technologies (LAZR) Stock Is Plunging Today: What's Going On?
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Luminar Technologies (NASDAQ: LAZR) stock is plunging due to the company's voluntary Chapter 11 bankruptcy filing. The filing aims to facilitate a court-supervised asset sale and address debt obligations. Luminar plans to sell its subsidiary, Luminar Semiconductor, to Quantum Computing Inc for $110 million. The restructuring is supported by most of its noteholders, and operations will continue with $25 million in cash. LAZR shares dropped 64.53%, trading near a 52-week low.
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