4/16/2023 0 Comments Lucid motors cciv![]() ![]() Scheduled to expand over three phases in the coming years, our Arizona facility is designed to be capable of producing approximately 365,000 units per year at scale. Financing from the transaction will also be used to support expansion of our manufacturing facility in Arizona, which is the first greenfield purpose-built EV manufacturing facility in North America, and is already operational for pre-production builds of the Lucid Air. Lucid is going public to accelerate into the next phase of our growth as we work towards the launch of our new pure-electric luxury sedan, Lucid Air, in 2021 followed by our Gravity performance luxury SUV in 2023. Through a ground-up rethinking of how EVs are designed, our in-house-developed, race-proven technology and meticulous engineering have enabled industry-leading powertrain efficiency and new levels of performance. Lucid is proud to be leading a new era of high-technology, high efficiency zero-emission transportation. Peter Rawlinson, CEO and CTO of Lucid, comented on the deal: The transaction values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE offer price of $15.00 per share and will provide Lucid with approximately $4.4 billion in cash (assuming no existing CCIV shares are redeemed for cash at closing). CCIV and Lucid are combining at a transaction equity value of $11.75 billion. Lucid Motors (“Lucid”), which is setting new standards for sustainable mobility with its advanced luxury EVs, and Churchill Capital Corp IV (NYSE: CCIV) (“CCIV” or “Churchill”), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. Today, they have confirmed the deal, which will be bringing $4.4 billion in cash to Lucid at a $24 billion valuation: ![]() Over the last few months, Lucid had been rumored to be in discussions with Churchill Capital Corp IV, a special purpose company created to make a reserve merger SPAC deal. The IPO raised an impressive $29.4 billion.Electric vehicle startup Lucid Motors announced a SPAC deal to go public with over $4 billion in cash injection to accelerate its plan. Liveris, a former CEO of Dow Chemical and a member of PIF's international advisory board, played a key role in the IPO by advising PIF on its global outreach and helping to secure commitments from major institutional investors. ![]() Meanwhile, Andrew Liveris was working behind the scenes to help the Public Investment Fund (PIF) of Saudi Arabia go public on the Tadawul stock exchange in Riyadh. ![]() In July 2021, their efforts paid off, as the merger was completed and Lucid Motors became a publicly traded company with a market capitalization of over $40 billion. However, Klein and his team refused to back down, and they continued to work tirelessly to salvage the deal with Lucid Motors. The Bloomberg report sent shockwaves through the business world, and many investors began to sell their shares in CCIV. The situation reached a boiling point in May 2021, when Bloomberg published a scathing report on CCIV that accused Michael Klein of misleading investors and engaging in questionable business practices. The stock price of CCIV plummeted, and many investors began to lose faith in the company's leadership. However, the excitement quickly turned to skepticism as reports emerged that the merger was in danger of falling through. The merger was also seen as a validation of the SPAC model, which had become increasingly popular in the wake of the COVID-19 pandemic. The deal was met with much anticipation and excitement, as Lucid Motors had been widely touted as a potential rival to Tesla in the burgeoning EV market. The saga began in February 2021, when Churchill Capital Corp IV (CCIV) announced that it would merge with Lucid Motors, a luxury electric vehicle manufacturer in which PIF that has a majority share of %60 in equity. ![]()
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