Luminar Technologies (LAZR) said late Monday that it plans to cut 30% of its workforce, up from the 20% set out previously in a restructuring program announced May 3.
The company said the increase accounts for "additional actions" planned under its restructuring plan.
"The additional actions associated with the 2024 restructuring plan are expected to begin immediately and be substantially complete by the end of 2025," the company said.
Luminar estimates it will incur about $4 million to $6 million in additional cash charges associated with severance and related employee costs. The charges will likely show in the company's Q3 and Q4 financial statements.
Shares of the company rose 3.9% in after-hours activity.
Price: 0.7940, Change: +0.01, Percent Change: +1.79
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