ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Luminar Technologies’ (Nasdaq: LAZR) reverse stock split took effect Nov. 20 after receiving a delisting warning from Nasdaq in October, months after laying off 30% of its staff.
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The split turned 15 shares into one in order to maintain the firm’s listing on the Nasdaq, as the stock market index requires companies to maintain a closing bid price of at least $1 per share. If a firm’s stock falls below $1 for 30 consecutive business days, it is delisted.
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The stock price ended trading at $10.86 a share Nov. 21, 9.5% lower than it closed Nov. 19.
In September, Luminar Technologies CEO Austin Russell announced in a blog post the technology firm has laid off 30% of its workforce, up from the originally announced 20%.
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