The closing of the business combination is expected to occur today, July 23, 2021, subject to the satisfaction or waiver of all closing conditions.Ĭhurchill IV, whose shares of common stock, warrants and units are currently listed on the New York Stock Exchange (the "NYSE"), intends to delist from the NYSE and list the shares of common stock and warrants of the post-combination company, to be renamed Lucid Group, Inc., on The Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "LCID" and "LCIDW", respectively, beginning on July 26, 2021. I'm a great believer that the first product defines the brand in way Tesla model S defined Tesla as a brand,” Rawlinson told Yahoo Finance in October of last year.NEW YORK, J/PRNewswire/ - Churchill Capital Corp IV ("Churchill IV" or "CCIV") ( NYSE: CCIV), a publicly traded special purpose acquisition company, announced that in a special meeting held today, its stockholders voted to approve the proposals required to complete its combination with Lucid Motors ("Lucid"), a leader in EV technology which is setting new standards with its advanced luxury EVs.Īll of the proposals related to the business combination received overwhelming support from stockholders that voted-approximately 98% of votes cast voted for the proposal to approve the business combination. “I think it's really important that we start at a high-end position as a true luxury brand. The company aims to meet production goals for of its most expensive vehicle, the Air Dream Edition this year. Lucid Motors placed its first US production factory in Casa Grande, Arizona. The company's CEO and CTO Peter Rawlinson was the chief engineer at Tesla ( TSLA) for the model S prior to joining Lucid Motors in 2013. Lucid Motors has been closely watched since it is competing in the electric luxury sedan space. A deal with Churchill Capital IV is one of highest profile EV SPAC agreements since Nikola ( NKLA) and Fisker ( FSR) debuted publicly last year. The electric vehicle maker is backed by Saudi Arabia’s sovereign wealth fund. On Monday the stock had gained double digit percentages after a Bloomberg report said an agreement announcement could come by Tuesday. In mid-February shares of Churchill Capital IV, led by investment banker Michael Klein, surged 30% following a report of a nearing agreement. Speculation over an agreement had been circulating for more than a month prompting previous spikes in CCIV stock. The deal has a transaction equity value of $11.75 billion which includes a cash contribution from CCIV of $2.1 billion, and a PIPE investment of $2.5 billion with a lock-up provision that “binds holders well beyond closing.” It will provide the electric vehicle company with approximately $4.4 billion in cash. The transaction, announced on Monday evening, values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE (private investment in public equity) offer price of $15.00 per share. ET, though coming off their session lows. Shares of Churchill Capital were down around 25% at 10:45 a.m. Lucid Motors and blank check company Churchill Capital IV ( CCIV) confirmed a merger deal to take the California-based EV company public.
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