Ousted Luminar Ceo Austin Russell Wants To Buy The Company

Austin Russell, nan billionaire laminitis of Luminar, has made a bid to get nan lidar-maker 5 months aft he was replaced arsenic CEO pursuing an morals inquiry.

The takeover effort was disclosed successful an SEC filing by Russell early Friday morning. It would impact his caller company, Russell AI Labs, purchasing 100% of nan outstanding shares of Luminar’s Class A Common Stock for an undisclosed price.

If it happens, Luminar would stay publically traded, and Russell AI Labs whitethorn “acquire a different, larger world automotive exertion company” and merge it pinch Luminar “to create a unified exertion level business (‘Luminar 2.0’),” according to nan filing. If that happens, Russell himself whitethorn besides put successful nan recently mixed company.

The connection was made connected October 14, “at nan proposal of definite shareholders” of Luminar and “the invitation of definite members of nan board” — though nan filing does not sanction names. Luminar and Russell AI Labs did not instantly respond to a petition for comment.

The projected acquisition is conscionable arsenic abrupt and astonishing arsenic Russell’s replacement successful May. Luminar announced Russell’s resignation connected May 19, nan aforesaid time that nan institution reported its first-quarter earnings. The institution tapped erstwhile Xerox executive Paul Ricci to return over.

The institution offered nary specifications astir why Russell was retired speech from saying nan board’s audit committee had conducted a “code of business behaviour and morals inquiry.” Luminar has yet to explicate what that enquiry found. It has been sued by shareholders multiple times complete nan move and nan measurement it was disclosed.

That said, Russell is nary alien to takeover attempts. In 2023, he launched a bid to bargain Forbes. But that yet grounded aft immoderate of nan investors successful nan acquisition reportedly didn’t travel through. The bid process was besides marred by an alleged relationship to a Russian oligarch.

Russell has remained connected Luminar’s committee and was expected to beryllium “available to nan incoming Chief Executive Officer connected modulation and exertion matters,” according to nan release. But he’s been absent successful astatine slightest 1 way, by failing to person signed (in his capacity arsenic a committee member) immoderate of nan company’s filings pinch nan Securities and Exchange Commission since being replaced.

In nan meantime, Russell co-founded Russell AI Labs successful September on pinch Markus Schäfer, CTO and committee personnel of Mercedes-Benz Group AG, and Murtaza Ahmed, a erstwhile partner astatine nan SoftBank Vision Fund. The caller institution claims it “backs and builds transformative AI and frontier exertion companies” and has already taken a $300 cardinal liking successful agentic AI institution Emergence.