[SCHEDULE 13G] Luminar Technologies, Inc. SEC Filing

Rhea-AI Filing Summary

Schedule 13G highlights for Luminar Technologies, Inc. (NYSE: LAZR)

A group of six Susquehanna-affiliated entities – Capital Ventures International, Susquehanna Advisors Group, G1 Execution Services, Susquehanna Fundamental Investments, Susquehanna Portfolio Strategies and Susquehanna Securities – has filed a Schedule 13G indicating passive ownership of Luminar’s Class A common stock.

• Event date: 16 Apr 2025 (filed 11 Jul 2025).
• Aggregate beneficial ownership: 2,547,884 shares.
• Percent of class: 6.1 % of the 40,515,215 shares outstanding as of 31 Mar 2025.
• Voting/Dispositive power: Each entity reports sole and shared powers consistent with the group structure. For example, Susquehanna Securities alone holds sole voting and dispositive power over 1,324,776 shares and shares power over the full 2.55 million.
• Derivative exposure: Susquehanna Securities’ total includes 1,313,678 stock options, signalling additional optionality on the issuer’s equity.
• Filing type: Schedule 13G (passive). The certification states the securities were not acquired to influence control of the issuer.

The filing crosses the 5 % reporting threshold, signalling a meaningful institutional presence but, given the Schedule 13G status, no activist intent. The disclosure may improve liquidity perception and broaden the shareholder base, yet it does not in itself alter Luminar’s operations or strategy.

Positive

• Susquehanna-affiliated group now holds 6.1 % (2.55 m shares) of LAZR, signalling increased institutional ownership.
• Stake includes 1.31 m call options, indicating additional upside exposure and potential trading liquidity benefits.

Negative

• None.

Insights

Securities Analyst

TL;DR: Susquehanna group discloses a passive 6.1 % stake in LAZR; increases institutional ownership without signalling control intentions.

The Schedule 13G confirms that a well-known market-making complex has accumulated just over six percent of Luminar’s Class A stock. While the absolute holding (≈2.55 m shares) is modest relative to larger-cap peers, it is material for Luminar’s float and therefore liquidity. The inclusion of 1.31 m call options within Susquehanna Securities’ total suggests an options-driven strategy rather than a conventional long-only position, consistent with the group’s broker-dealer status. Because the filing is on a 13G, the group certifies it is not seeking control, limiting governance implications. Overall financial impact is neutral-to-slightly positive: the presence of a sophisticated liquidity provider may tighten bid-ask spreads and stabilise trading, but there is no direct effect on revenue, earnings or capital structure.

Portfolio Manager

TL;DR: New 6 % passive stake hints at institutional confidence, marginally bullish for sentiment.

From a portfolio perspective, a 6 % position by Susquehanna-related entities provides an external vote of confidence in Luminar’s lidar thesis. Although the group is primarily a trading house, the sheer size of the disclosed ownership – together with option exposure – denotes capital commitment and may attract additional institutional interest. Increased float turnover can help larger investors enter or exit positions more efficiently. Because the stake is passive, governance catalysts are unlikely; however, the disclosure reduces uncertainty around ownership concentration and could support valuation multiples if liquidity risk was a prior concern. I view the news as modestly constructive for share sentiment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Luminar Technologies, Inc.

(Name of Issuer)

Class A Common Stock, $0.0001 par value per share

(Title of Class of Securities)

550424303

(CUSIP Number)

04/16/2025

(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 1,101,617.00
6	Shared Voting Power 2,547,884.00
7	Sole Dispositive Power 1,101,617.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 2,547,884.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 14,664.00
6	Shared Voting Power 2,547,884.00
7	Sole Dispositive Power 14,664.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 30,409.00
6	Shared Voting Power 2,547,884.00
7	Sole Dispositive Power 30,409.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 76,418.00
6	Shared Voting Power 2,547,884.00
7	Sole Dispositive Power 76,418.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 1,324,776.00
6	Shared Voting Power 2,547,884.00
7	Sole Dispositive Power 1,324,776.00
8	Shared Dispositive Power 2,547,884.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,547,884.00

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)

6.1 %

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 Susquehanna Securities, LLC includes options to buy 1,313,678 Shares. Amendment No. 1 to the Company's Annual Report on Form 10-K, filed on April 30, 2025, indicates that there were 40,515,215 Shares outstanding as of March 31, 2025.
(b)	Percent of class: 6.1 %
(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:	07/11/2025

Susquehanna Advisors Group, Inc.

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	07/11/2025

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	07/11/2025

Susquehanna Fundamental Investments, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	07/11/2025

Susquehanna Portfolio Strategies, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	07/11/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	07/11/2025

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 is attached as Exhibit 24 hereto.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 24 Limited Power of Attorney 99 Joint Filing Agreement

FAQ

How many Luminar (LAZR) shares are reported in this Schedule 13G?

2,547,884 Class A shares are beneficially owned by the reporting group.

What percentage of Luminar’s outstanding shares does the Susquehanna group own?

The filing states 6.1 % of the 40,515,215 shares outstanding as of 31 Mar 2025.

Does the filing indicate activist intent by the reporting persons?

No. It is a Schedule 13G, which is a passive filing; the certification explicitly disclaims any intent to influence control.

Which entity within the group holds the largest sole voting power?

Susquehanna Securities, LLC has sole voting and dispositive power over 1,324,776 shares.

Are derivatives involved in the disclosed ownership?

Yes. Susquehanna Securities’ total includes 1,313,678 stock options on Luminar shares.