The company was founded in 2007 and employs about 2,000 people. Fisker’s public offering has done well in the market, but Nikola did not fare well.īut Lucid comes with some impressive legacy and is run by industry veterans who have experience in launching electric cars. Other electric vehicle makers went through the SPAC route last year. The $15-per-share Pipe deal sets the company valuation at $24 billion. Lucid Motors has promised to deliver 20,000 vehicles by 2022 and 251,000 in 2026 by adding other models like an electric sport utility vehicle. The PIF holds up to 85 percent of existing Lucid shares and is expected to retain 62 percent of the shares outstanding after the deal is completed. The Pipe was sold to investors at $15 per share, a 50 percent premium to Spac’s net asset value. Lucid’s superior and proven technology backed by clear demand for a sustainable EV make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability. The publicly traded shares of CCIV fell nearly a third to $40.35, giving the merged company a market capitalization of about $64 billion. Initial investor excitement sent shares in the SPAC up almost 500 percent so far this year, but they fell in after-hours trading after the deal details came out on Monday. The deal has a total equity value of $11.75 billion. Lucid comes with an impressive legacy and is run by industry veterans who have experience in launching electric cars.Īs part of the transaction, Lucid will receive the cash raised by Church and PIPE (private investment in public equity) investment of $2.5 billion raised from investors such as Saudi Arabia’s Public Investment Fund, BlackRock, Fidelity, and others.
The company will combine with Churchill Capital IV, which raised $1.8 billion in July. Saudi Arabia’s sovereign wealth fund has a majority stake in Lucid Motors. Lucid Motors, the luxury electric vehicle makers, will go public with a blank-check firm Churchill Capital IV Corp in a $24 billion deal, the largest such reverse merger to date.Ĭhurch Capital IV is headed by dealmaker Michael Klein, who owns three other special acquisition companies.
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