Lucid Motors Confirms SPAC Merger With Churchill Capital Corp IV
After months of speculation, one of the most talked about SPAC deals has been confirmed.
What Happened: Electric vehicle company Lucid Motors is going public in a SPAC merger with Churchill Capital Corp IV (NYSE: CCIV). The deal has been rumored since January.
The deal will value Lucid Motors at a transaction equity value of $11.75 billion based on the $10 share offering price. Churchill Capital Corp IV is contributing an existing $2.1 billion to the deal.
A PIPE of $2.5 billion is being done by investment groups that include BlackRock, Fidelity, Franklin Templeton and Neuberger Berman. The PIPE investors are paying $15 for shares instead of the usual $10 on SPAC deals.
This marks the largest PIPE investment on a SPAC deal in history. The PIPE also comes with several lock-up provisio ...