BUZZ-Luminar Technologies plunges after initiating Chapter 11 proceedings

Reuters12-16

** Shares of automotive technology firm Luminar Technologies LAZR.O plunge 64.7%

** Co initiates voluntary Chapter 11 proceedings; expects to operate business and maintain delivery of its lidar hardware and software during the process

** LAZR also announces sale of its photonics business to Quantum Computing QUBT.O for $110 mln in all-cash transaction

** While co has taken steps to cut costs and streamline operations, "our legacy debt obligations and the pace of industry adoption have challenged our ability to operate the business in a sustainable way" - LAZR CEO Paul Ricci

** Co says its board determined that a court-supervised sale process was the best path forward following a comprehensive review of its options

** Up to last close, LAZR had fallen ~83% YTD

(Reporting by Arnav Mishra in Bengaluru)

((Arnav.Mishra@thomsonreuters.com;))

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