Luminar Backer’s $300 Million SPAC Seeks Southeast Asia Target
- COVA is led by backer of driverless-car tech startup Luminar
- Luminar CEO Austin Russell serves as COVA’s senior adviser
Luminar Technologies Inc. imaging created by a lidar.
Photographer: David Paul Morris/Bloomberg
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An investor behind autonomous-vehicle technology developer Luminar Technologies Inc. is now seeking a merger target in Southeast Asia after raising about $300 million via a blank-check firm.
Jun Hong Heng’s special purpose acquisition company COVA Acquisition Corp. increased its initial public offering from about $250 million and is on the way to combine with an internet company in the region that includes markets such as Indonesia and Singapore. COVA is set to start trading on the Nasdaq on Friday, it said in a statement.