Luminar Technologies Unable to Timely File Form 10-Q Due to Leadership Change, Internal Review

MT Newswires Live05-16

Luminar Technologies (LAZR) said in a regulatory filing Friday that it is unable to timely file its quarterly report on Form 10-Q for the period ended March 31 due to a recent leadership change and an internal review related to the company's Code of Business Conduct and Ethics.

The company said it intends to file Form 10-Q within five calendar days after the original deadline, adding it does not expect this delay to affect past financial results.

Luminar said in an earlier filing it appointed Paul Ricci on Wednesday as its new chief executive officer, effective around May 21, succeeding Austin Russell, who resigned as president, CEO, and chairman, effective immediately, following an inquiry by the board's Audit Committee. Russell will stay on the board and provide support with the transition, the company said.

The company also said it appointed Chief Financial Officer Thomas Fennimore as interim CEO until Ricci assumes the role.

Shares of Luminar Technologies rose past 9% in recent trading Friday.

Price: 4.35, Change: +0.39, Percent Change: +9.72

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