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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.Lucid’s mission is to inspire the adoption of sustainable transportation by creating the most captivating luxury electric vehicles centered around the human experience.Lastly, this transaction further enables the realization of our vision to supply Lucid’s advanced EV technologies to third parties such as other automotive manufacturers as well as offer energy storage solutions in the residential, commercial and utility segments.ĬCIV opened down 40% following the news, but the entire market is crashing and the stock had more than doubled over the last month on rumors of the deal. 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.
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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.
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Electric vehicle startup Lucid Motors announced a SPAC deal to go public with over $4 billion in cash injection to accelerate its plan.