Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein’s blank-check acquisition firm Churchill Capital Corp IV (CCIV) launched a financing effort to back the transaction, people familiar with the matter said. Churchill Capital IV has initiated talks with investors to raise more than $1 billion by selling shares in a private investment in public equity (PIPE) transaction for the deal with Lucid, the sources said.
Update(s):
February 22, 2021: Lucid Motors Inc. is nearing a deal to go public through a merger with a blank-check company started by investment banker Michael Klein that could be announced early this week, according to people familiar with the matter.
February 22, 2021: Lucid Motors and Churchill Capital Corp IV (CCIV) have entered into a definitive merger agreement. CCIV and Lucid are combining at a transaction equity value of $11.75 billion.
July 26, 2021: Lucid Group became a publicly listed company trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols “LCID” and “LCIDW,” respectively. Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The combined company will now operate as Lucid Group, Inc.