Luminar Technologies, Inc. (NASDAQ: LAZR) filed for Chapter 11 bankruptcy protection on Monday, marking a dramatic fall for the autonomous vehicle sensor maker that lost more than 90% of its market value over the past year.
The Orlando-based company filed in the US Bankruptcy Court for the Southern District of Texas after months of financial distress. Court documents show Luminar reported assets between $100 million and $500 million against liabilities ranging from $500 million to $1 billion.
The bankruptcy filing comes after Volvo cancelled a five-year supply contract in November, removing the Swedish automaker as Luminar’s largest customer. The company has taken legal action against Volvo over the dissolved partnership…