Lucid Motors to Go Public With Churchill Capital IV Merger
Luxury electric-vehicle (EV) maker Lucid Motors is finally going public. After a month of speculation that special purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV) would merge with the promising EV company, it has come to pass. The transaction values the combined entity at $11.75 billion, but when taking all aspects of the deal into consideration, the company would be valued at $24 billion.
Lucid Motors will receive an infusion of $4.4 billion in cash from both Churchill Capital IV and the private investment in public equity (PIPE) investors. PIPE investors entered the deal at a price of $15 per share, or 50% above Churchill's $10 initial price.