01:59 PM EDT, 05/06/2024 (MT Newswires) -- Luminar Technologies ( LAZR ) shares declined 2% in recent Monday trading after the company announced it was letting go of approximately 20% of its workforce as part of a restructuring plan.

Luminar ( LAZR ) also said it will reduce its global footprint by sub-leasing portions or entire facilities, according to a filing with the US Securities and Exchange Commission late Friday.

The company said the restructuring plan, expected to be completed by year-end, will help the company save $50 million to $65 million in annual operating costs, including $20 million to $30 million in cash. The company also expects to incur charges of approximately $6 million to $8 million related to employee severance, primarily in Q2 and Q3.

Meanwhile, the company also filed Friday a registration statement to sell from time to time Class A common stock, preferred stock, debt securities, warrants, and units.

The filing also contained a financing agreement prospectus supplement covering the sale of $150 million of the company's Class A stock by Virtu Americas from time to time.

Proceeds from the sale of securities will be used for general corporate purposes, the company said.

Price: 1.65, Change: -0.03, Percent Change: -2.08