Lucid’s SPAC deal with Churchill Capital nears after Tuesday rally
Lucid’s SPAC merger with Churchill Capital IV is all but confirmed after the fund’s stock spiked during Tuesday trading hours. For weeks, speculation has persisted that Lucid, an all-electric car manufacturer, will merge with CCIV in a deal that will take the company public ahead of the first production push of its vehicles.
Widely considered Tesla’s biggest competition in the EV sector, Lucid is coming to the market later this year with its first car: the Air. Fixed in several different variants that cover a multitude of performance and pricing options, the Air has range and speed similar to the Tesla Model S. CEO and CTO Peter Rawlinson, a former Tesla engineer, maintains that the company “hasn’t accomplished a damn thing” until it produces a car, a narrative that is much appreciated by Tesla’s loyal fans who are all too familiar with automakers claiming they are the company to knockoff the widely-accepted king of electric vehicles.
* Lucid Motors nears deal to merge with Churchill Capital IV Corp., valuation ~ $12B$CCIV
— David Tayar (@davidtayar5) February 16, 2021
ALSO READ:
Lucid Air pricing revealed ahead of unveiling event
New details from Reuters show that Lucid is nearing a deal as Michael Klein, the company’s financier, has initiated talks with investors to raise more than a billion dollars by selling holdings of a private investment in public equity, or PIPE, transaction. Investor demand will dictate how successful CCIV’s capital raise will be, but the company could acquire up to $1.5 billion, a person familiar with the matter said.
Sources then said that a successful PIPE deal could land Lucid’s IPO at a date that could be as early as this month. Lucid and CCIV both declined to comment.
The rumors have spiked CCIV’s stock up over 30% so far on Tuesday. At the time of writing, shares were trading at $52.12.
SPACs act as companies that raise money in an IPO to merge with a privately held company to become public later. It gives investors peace of mind, primarily as SPACs provide private companies with more certainty over a company’s valuation. This is especially relevant for a car company with tremendous potential but doesn’t have any products to show for it yet. Lucid is a great example of a company that offers potential considering its plans and its already proven ability to produce a notable vehicle.
Lucid plans to launch the Air Dream edition, along with the Air Grand Touring variant of its introductory electric car in Q2 2020. Other variants will be released in late 2021 and early 2022. Next year’s releases include its most affordable Lucid Air Pure, starting at $69,900.
The post Lucid’s SPAC deal with Churchill Capital nears after Tuesday rally appeared first on TESLARATI.
Source: https://www.teslarati.com/lucid-cciv-spac-merger-nears-tuesday-rally/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).