We first told you about product commercialization delays at Luminar Technologies (LAZR), a lidar manufacturer for autonomous vehicles, earlier this year. The company may not be able to keep the promises it initially made to investors but it did find time in the latest quarter to do a favor for its SPAC sponsor, an entity headed by Alec Gores who is also a director on Luminar’s board.

Just days before another SPAC headed by Gores merged with Polestar Automotive (PSNY), Luminar disclosed it had invested in the SPAC. It did not provide an exact date of the investment or the amount invested but did reveal the “remaining balance” of the investment is $4.7 million.

The Polestar merger occurred June 24th. Shares had fallen 32.2% to $8.81 by June 30, 2022— Luminar’s quarter end and the date it last valued its Polestar stake. We estimate Luminar invested approximately $7 million, losing approximately $2.25 million in six days.

Gores is a director on both company boards.

It’s the second time Luminar investors have been stung by Gores. Luminar shares have been cut in half in the last year.