Luminar Technologies (LAZR) is reported as having 4,725,226 Class A shares beneficially owned by a group of Susquehanna-related entities and Capital Ventures International, representing 9.9% of the Class A shares (based on 44,684,806 shares outstanding per the Company proxy as of June 3, 2025). The filing is a Schedule 13G (Amendment No. 1) and discloses that some of the reported interest arises from shares issuable on conversion of convertible notes and that Susquehanna Securities’ reported holdings include options to buy 1,346,344 shares.
The ownership is reported across six entities with varying sole and shared voting/dispositive powers; Susquehanna Advisors Group, Inc. is identified as investment manager to Capital Ventures International and may exercise voting/dispositive power over CVI’s shares. The filing also contains a certification that the securities were not acquired to change or influence control. Signatures on the amendment are dated 08/13/2025.
Positive
Aggregate economic interest of 4,725,226 shares disclosed, representing a material 9.9% stake in LAZR Class A stock
Disclosure of convertible-note and option exposure (shares issuable on conversion and 1,346,344 options) provides transparency about potential future interest
Coordinated filing by related entities clarifies shared and sole voting/dispositive powers and manager relationships
Negative
Stake is 9.9%, which is below the 10% threshold and indicates no filing as an active control-seeking investor in this amendment
Voting and dispositive power is shared across multiple entities, so no single reporting person asserts unilateral control
Insights
TL;DR: A material, non-control 9.9% economic stake is reported, including convertible and option exposure that could change future interest.
The filing shows an aggregate beneficial position of 4,725,226 shares (9.9%) in LAZR across affiliated Susquehanna entities and Capital Ventures International. Notably, the reported position includes shares from convertible notes held by Capital Ventures International and 1,346,344 options included in Susquehanna Securities’ total, which creates potential for changing economic exposure over time. Voting and dispositive powers are split between sole and shared designations across entities, and the filers expressly state the holdings were not acquired to influence control. From an analytics standpoint this is material ownership disclosure but represents a coordinated reporting of existing economic interests rather than an explicit control move.
TL;DR: Group filing documents shared voting/dispositive arrangements and manager-client relationships; no single filer claims full control.
The amendment identifies six reporting persons and documents that they may be deemed a group for reporting purposes while also disclaiming direct ownership of one another’s shares. It specifically notes that Susquehanna Advisors Group acts as investment manager to Capital Ventures International and may exercise voting/dispositive power over CVI’s convertible-note-derived shares. The filing includes the required certification that the securities were not acquired to affect control. Governance implications are primarily disclosure-focused: the arrangement clarifies who may exercise voting authority but does not assert an intent to change issuer control.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Luminar Technologies, Inc.
(Name of Issuer)
Class A Common Stock, $0.0001 par value per share
(Title of Class of Securities)
550424303
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
Capital Ventures International
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
3,264,137.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
3,264,137.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
Susquehanna Advisors Group, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
PENNSYLVANIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person. With respect to Row 5 and Row 7 above, Susquehanna Advisors Group, Inc. is the investment manager to Capital Ventures International and as such may exercise voting and dispositive power over the shares directly owned by Capital Ventures International.
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
G1 Execution Services, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
31,075.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
31,075.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
Susquehanna Fundamental Investments, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
937.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
937.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
Susquehanna Portfolio Strategies, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
33,937.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
33,937.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
CUSIP No.
550424303
1
Names of Reporting Persons
Susquehanna Securities, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,395,140.00
6
Shared Voting Power
4,725,226.00
7
Sole Dispositive Power
1,395,140.00
8
Shared Dispositive Power
4,725,226.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,725,226.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
BD, OO
Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Capital Ventures International, Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Luminar Technologies, Inc.
(b)
Address of issuer's principal executive offices:
2603 Discovery Drive, Suite 100, Orlando, FL 32826
Item 2.
(a)
Name of person filing:
This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Class A Common Stock, $0.0001 par value per share (the "Shares"), of Luminar Technologies, Inc. (the "Company").
(i) Capital Ventures International
(ii) Susquehanna Advisors Group, Inc.
(iii) G1 Execution Services, LLC
(iv) Susquehanna Fundamental Investments, LLC
(v) Susquehanna Portfolio Strategies, LLC
(vi) Susquehanna Securities, LLC
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Capital Ventures International is:
P.O. Box 897
Windward 1, Regatta Office Park
West Bay Road
Grand Cayman, KY1-1103
Cayman Islands
The address of the principal business office of G1 Execution Services, LLC is:
175 W. Jackson Blvd.
Suite 1700
Chicago, IL 60604
The address of the principal business office of each of Susquehanna Advisors Group, Inc., Susquehanna Fundamental Investments, LLC, Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is:
401 E. City Avenue
Suite 220
Bala Cynwyd, PA 19004
(c)
Citizenship:
Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Title of class of securities:
Class A Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
550424303
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
The number of Shares reported as beneficially owned by Capital Ventures International consists of Shares issuable upon conversion of convertible notes. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 1,346,344 Shares.
The Company's Proxy Statement, filed on June 6, 2025, indicates that there were 44,684,806 Shares outstanding as of June 3, 2025.
(b)
Percent of class:
9.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Capital Ventures International
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary of Susquehanna Advisors Group, Inc.
Date:
08/13/2025
Susquehanna Advisors Group, Inc.
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
G1 Execution Services, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
Susquehanna Fundamental Investments, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Portfolio Strategies, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Assistant Secretary
Date:
08/13/2025
Susquehanna Securities, LLC
Signature:
/s/ Brian Sopinsky
Name/Title:
Brian Sopinsky, Secretary
Date:
08/13/2025
Comments accompanying signature: Susquehanna Advisors Group, Inc. serves as authorized agent of Capital Ventures International pursuant to a Limited Power of Attorney, a copy of which was previously filed.
Exhibit Information
EXHIBIT INDEX
EXHIBIT DESCRIPTION
________ ________
24 Limited Power of Attorney*
99 Joint Filing Agreement*
* Previously filed
What stake do Susquehanna-related entities and Capital Ventures report in Luminar (LAZR)?
They report beneficial ownership of 4,725,226 Class A shares, representing 9.9% of the class.
Does the Schedule 13G/A filing for LAZR include options or convertible securities?
Yes. The filing states Capital Ventures’ reported shares include shares issuable upon conversion of convertible notes, and Susquehanna Securities’ reported holdings include options to buy 1,346,344 shares.
Is this a Schedule 13G or 13D filing for LAZR?
This document is a Schedule 13G (Amendment No. 1).
How many LAZR shares were outstanding for the percentage calculation?
The filing cites the Company’s proxy stating 44,684,806 shares outstanding as of June 3, 2025.
Do the filers claim they seek to change control of Luminar (LAZR)?
No. The certification states the securities were not acquired and are not held to change or influence control of the issuer.
When was the amendment signed and who signed it?
Signatures are dated 08/13/2025, signed by Brian Sopinsky on behalf of the reporting entities.
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