Lucid Motors to Go Public in Merger with Churchill Capital Corp IV

8:44AM ET 2/23/2021 MT Newswires
Lucid Motors, an electric car manufacturer, and Churchill Capital Corp IV (CCIV), a special purpose acquisition company, said on Monday that they have signed a definitive merger agreement.

The companies are combining at a transaction equity value of $11.75 billion. The transaction values Lucid at an initial pro-forma equity value of roughly $24 billion at the PIPE offer price of $15.00 per share.

The newly-combined company will receive an investment of around $4.6 billion, including $2.1 billion in cash and a $2.5 billion of fully committed PIPE at $15.00 per share.

The transaction is expected to close in the second quarter.

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