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. “I think it's really important that we start at a high-end position as a true luxury brand. In the coming weeks, up and coming luxury EV company Lucid Motors will be completing a SPAC merger with Churchill Capital Corp IV (CCIV). 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. Lucid Motors (Lucid), which is setting new standards for sustainable mobility with its advanced luxury EVs, and Churchill Capital Corp IV (NYSE: CCIV). 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. ('Legacy Lucid'), and Churchill Capital Corp IV ('CCIV'), which closed on July 23, 2021, is accounted. Lucid Motors has been closely watched since it is competing in the electric luxury sedan space. 1 The business combination (the 'Merger') between Lucid Group Inc.s predecessor, Atieva, Inc.
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. The transaction, announced on Monday evening, values Lucid at an initial pro-forma equity value of. ET, though coming off their session lows. Shares of Churchill Capital were down around 25 at 10:45 a.m. Under this method of accounting, CCIV has been treated as the acquired company for financial reporting purposes. Lucid Motors and blank check company Churchill Capital IV ( CCIV) confirmed a merger deal to take the California-based EV company public. ('CCIV'), which closed on July 23, 2021, is accounted for as a reverse recapitalization under U.S. On Monday the stock had gained double digit percentages after a Bloomberg report said an agreement announcement could come by Tuesday. Lucid reported Q2 revenue of 97.3 million on deliveries of 679 vehicles. 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.
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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