RTTNews | Dec 14, 2021 10:32AM EST

10:32 Tuesday, December 14, 2021 (RTTNews.com) - Shares of software company Luminar Technologies, Inc. (LAZR) are up 4 percent on Tuesday's trading after the company announced that it plans to repurchase $250 million or more of its Class A common stock. The company plans to use a portion of the proceeds from a proposed private financing transaction for the share repurchase.

The company said that it also expects the additional capital to bolster its balance sheet to speed up growth.

Currently at $15.17, the stock has traded between $13.45 and $40.98 during the past 52 weeks.

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