Luminar Technologies, Inc./DE 8-K

What Happened

• Luminar Technologies (filed Chapter 11 on Dec 15, 2025) held an auction and on Jan 26, 2026 signed an asset purchase agreement with MicroVision, Inc. for the sale of specified assets related to its LiDAR business for $33,000,000 in cash. The Bankruptcy Court approved the MicroVision agreement on Jan 27, 2026.
• Quantum Computing Inc. was the previously disclosed stalking-horse bidder (agreement for $22,000,000) and was named the backup bidder. If the MicroVision sale closes, the stalking-horse agreement will terminate and Quantum will receive a $660,000 break-up fee plus reimbursement of up to $500,000 in documented expenses.
• The MicroVision purchase agreement contains customary representations, warranties and closing conditions and may be terminated under certain circumstances, including if the transaction does not close by March 12, 2026 (subject to specified extensions).

Key Details

• Chapter 11 petitions filed: December 15, 2025.
• Auction and MicroVision purchase agreement signed: January 26, 2026; Bankruptcy Court approval: January 27, 2026.
• MicroVision purchase price: $33,000,000 cash. Stalking-horse (Quantum) bid: $22,000,000.
• Break-up fee to Quantum if MicroVision deal closes: $660,000; expense reimbursement up to $500,000.
• Closing condition deadline: March 12, 2026 (subject to extensions).

Why It Matters

• This is a key liquidation step in Luminar’s Chapter 11 process: the asset sale proceeds will affect creditor recoveries and overall outcomes of the bankruptcy cases.
• The company warns that trading its securities during Chapter 11 is highly speculative and holders could experience significant or complete loss depending on the final outcome.
• Investors should watch court filings, the March closing timeline, and any objections or competing bids that could alter the sale terms or recovery expectations.