Self-driving technology company Luminar to buy back $250 million of its own shares, stock rallies 9% premarket

Self-driving technology company Luminar Technologies Inc.
LAZR,
-3.17%
said Tuesday it will buy back $250 million of its own Class A stock, starting after market open. The company will finance the move using part of the proceeds from a private financing. Founder and Chief Executive Austin Russell will also buy shares in the open market, along with other board members and management. The news sent the stock up 9% premarket. Shares have fallen 57% in the year to date, while the S&P 500
SPX,
-0.91%
has gained 24%.

Comments are closed.