Lucid confirms merger with Churchill Capital

Saudi-backed Lucid Motors has just confirmed it is going public via a Churchill Capital Corporation, a special purpose acquisition company.

In a statement issued by Lucid, the company said:

Lucid Motors to Go Public in Merger with Churchill Capital Corp IV, Bolstering Lucid’s Vision to Redefine Luxury, Performance and Efficiency in the Sustainable Electric Vehicle Market.

– Lucid’s mission is to inspire the adoption of sustainable transportation by creating the most captivating luxury electric vehicles centered around the human experience

– Transaction provides additional growth capital as Lucid brings the over 500-mile range Lucid Air luxury electric sedan to market and expands rapidly to offer a broad range of electric vehicle products powered by Lucid’s proprietary electric powertrain technology

– CCIV and Lucid are combining at a transaction equity value of $11.75 billion

– The transaction includes an approximately $2.1 billion cash contribution by CCIV and a $2.5 billion, fully committed PIPE with an investor lock-up provision that binds holders well beyond closing. The PIPE is priced at $15.00 per share (a 50% premium to CCIV’s net asset value) with an implied pro forma equity value of $24 billion

– PIPE investment anchored by the Public Investment Fund (PIF) as well as funds and accounts managed by BlackRock, Fidelity Management & Research LLC, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management, LLC

– This transaction includes the largest ever SPAC-related common stock PIPE

– Peter Rawlinson will continue to lead Lucid as CEO and CTO

– Lucid currently employs nearly 2,000 people, with 3,000 employees expected to be added in the U.S. domestically by the end of 2022

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