Luminar Technologies plunges 19.75% intraday after Chapter 11 filing and Nasdaq delisting to pink sheets.

Luminar Technologies (LAZR) fell 19.75% intraday following its Chapter 11 bankruptcy filing and the loss of a key contract with Volvo, which stripped it of a major revenue stream. The company announced a $110 million sale of its semiconductor business to Quantum Computing to raise liquidity but signaled a strategic retreat from core innovation. Trading was suspended on December 24 as Nasdaq delisted the stock, shifting it to the less liquid Pink Limited Market. The delisting and bankruptcy highlight severe financial distress, with no clear path to profitability. Retail-driven volatility and speculative trading exacerbated the selloff, though fundamentals remain weak, leaving the stock highly susceptible to further declines.