GMHIW Stock: A Complete Guide to Luminar’s Pre-Merger SPAC Ticker

Table of Contents

• Introduction

• What Was Gores Metropoulos, Inc.?

  • SPAC Origins

  • Management Team

• The GMHIW Ticker Explained

  • Structure of the Units

  • Terms of the Warrant

• The Merger with Luminar Technologies

  • Why Luminar?

  • The Closing and Transition to LAZR

• GMHIW Stock Performance and Data

• What Happened to GMHIW?

• Comparison Table

• Frequently Asked Questions

• Conclusion

Introduction

The ticker symbol GMHIW represents a specific piece of financial history within the automotive technology sector. If you are researching this ticker, you are likely looking into the background of Luminar Technologies (NASDAQ: LAZR), the lidar company that has become a major player in the autonomous vehicle industry.

GMHIW was the ticker symbol for the warrants of Gores Metropoulos, Inc. , a Special Purpose Acquisition Company (SPAC). This entity was a blank-check company that merged with Luminar Technologies to take it public in December 2020. Understanding GMHIW is essential for investors trying to grasp the pre-merger structure of what is now Luminar Technologies.

This guide provides a complete breakdown of GMHIW, its origins, the details of its structure, and the significant merger that made it obsolete.

What Was Gores Metropoulos, Inc.?

SPAC Origins

Gores Metropoulos, Inc. was a blank check company formed specifically for the purpose of merging with or acquiring another business . The company was sponsored by The Gores Group—a global investment firm founded in 1987 by Alec Gores—and by an affiliate of Dean Metropoulos, a veteran investor known for his work in the food and consumer space .

The company completed its initial public offering (IPO) on February 5, 2019, pricing 40,000,000 units at $10.00 per unit, which resulted in gross proceeds of $400 million . The units began trading on the NASDAQ Capital Market under the symbol “GMHIU” on February 1, 2019 .

Management Team

One of the key selling points of any SPAC is its management team. Alec Gores and Dean Metropoulos have a significant track record. Together, they have more than 65 years of combined experience as entrepreneurs, operators, and investors across diverse sectors, having invested in over 180 portfolio companies through various economic cycles . Their operational expertise was a cornerstone of the SPAC’s strategy to identify a strong acquisition target.

The GMHIW Ticker Explained

Structure of the Units

To understand GMHIW, you must first understand how the SPAC units were structured. Each unit (GMHIU) consisted of:

1. One share of Class A common stock (GMHI).

2. One-third of one warrant (GMHIW) .

Holders of the units could elect to separately trade the common stock and warrants starting on March 25, 2019 . Once separated, the Class A common stock traded under the symbol GMHI, and the warrants traded under the symbol GMHIW .

Terms of the Warrant

The warrants (GMHIW) were essentially options to buy stock in Gores Metropoulos at a specific price. The key terms of the GMHIW warrant included:

• Exercise Price: Each whole warrant entitled the holder to purchase one share of Class A common stock at a price of $11.50 per share .

• Exercisability: The warrants could only be exercised for a whole number of shares. They became exercisable on the later of 30 days after the completion of a business combination or 12 months from the IPO closing date .

• Expiration Date: The warrants were set to expire five years after the completion of the business combination .

• Trading Period: Separately traded warrants began trading on March 25, 2019 .

The Merger with Luminar Technologies

Why Luminar?

Gores Metropoulos was searching for a high-growth business to take public. They found it in Luminar Technologies, a leader in automotive lidar hardware and software technology .

Luminar was an attractive target. In 2020 alone, it had achieved several milestones:

• It signed a production deal for autonomous consumer vehicles with Volvo Cars .

• It struck deals with Daimler Truck AG and Intel’s Mobileye .

• It had over 50 commercial partners .

On August 21, 2020, the business combination was publicly announced .

The Closing and Transition to LAZR

The business combination was completed on December 2, 2020, following stockholder approval on December 1, 2020 . This marked the end of Gores Metropoulos as an independent entity.

As a result of the merger:

• Luminar raised nearly $590 million in gross proceeds .

• The combined company retained the Luminar Technologies, Inc. name .

• The ticker symbols changed. The common stock transitioned from GMHI to LAZR, and the warrants transitioned from GMHIW to LAZRW .

• The trading under the new symbols began on December 3, 2020 .

GMHIW Stock Performance and Data

While the symbol is no longer active, historical data provides context for what investors experienced. The market price of the warrants and other securities fluctuated based on market sentiment and the perceived likelihood of the merger.

Here is a look at the quarterly high and low prices for the Public Warrants (GMHIW) as reported on Nasdaq :

Note: As of August 21, 2020, the day before the business combination was announced, the warrants closed at $1.59 .

What Happened to GMHIW?

The symbol GMHIW no longer exists in the stock market. Once the merger with Luminar was finalized, the warrants were transitioned. They are now actively traded on the NASDAQ under the new symbol LAZRW . For investors who held GMHIW, the conversion was an automatic process.

Comparison Table

Frequently Asked Questions

Q: Is GMHIW the same as LAZRW?
Yes, GMHIW is the predecessor ticker for the warrants that now trade under LAZRW. The transition occurred when the Gores Metropoulos SPAC merged with Luminar Technologies on December 2, 2020.

Q: What was the exercise price for GMHIW?
The exercise price for each whole warrant was $11.50 per share .

Q: When did GMHIW start trading?
The warrants began trading separately from the units on March 25, 2019 .

Q: What company was behind the GMHIW ticker?
The ticker represents warrants issued by Gores Metropoulos, Inc., a blank check company formed by investors Alec Gores and Dean Metropoulos .

Q: What happened to my GMHIW shares?
If you held GMHIW shares before the merger, they were automatically converted into shares of LAZRW, representing warrants to purchase Luminar Technologies stock.

Q: Why did Gores Metropoulos choose Luminar Technologies?
Luminar was a leading lidar company with a strong commercial momentum, including deals with major automakers like Volvo and Daimler. The SPAC provided the funding and public market path Luminar needed to accelerate its growth plans .

Q: When did the Gores Metropoulos / Luminar merger close?
The business combination closed on December 2, 2020, after shareholder approval on December 1, 2020 .

Q: Did GMHIW have a cashless exercise provision?
The available documentation primarily describes the standard cash exercise at the $11.50 strike price . However, many SPAC warrants include clauses that allow for cashless exercise under certain conditions, particularly if the stock price is above a certain threshold and there is not an effective registration statement for the underlying shares. Investors should refer to the original prospectus of Gores Metropoulos for definitive terms.

Conclusion

GMHIW is more than just a defunct stock ticker. It represents a key step in the journey of Luminar Technologies as it transitioned from a private startup to a publicly traded company on the Nasdaq. The symbol signifies the SPAC boom that brought multiple technology companies to the public markets in 2020.

For today’s investor, the GMHIW ticker primarily serves as a historical artifact. While you cannot buy or trade GMHIW anymore, understanding its structure and terms is helpful for any research into Luminar’s early public life. As the company’s technology continues to develop and autonomous driving becomes more prevalent, the subsequent ticker LAZR remains the active symbol to watch.

Practical Advice: If you are looking to trade warrants of Luminar Technologies, ensure you are searching for the correct current ticker symbol: LAZRW. Always consult official financial documents (like the SEC filings of the involved companies) for the most accurate and binding terms of any security you are considering for investment .

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