“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,” Rawlinson said, according to the release. The announcement simply states that Churchill’s “leadership team and group of operating partners will actively facilitate key introductions and relationships and provide product, design, and industry insights”. The management team around Lucid founder, CEO and CTO Peter Rawlinson will continue to lead the company after the merger. In the USA, a classic IPO can take up to two years. With such a SPAC deal, the otherwise usual procedures of an own IPO can be accelerated enormously in the case of a merger, since the SPAC is already listed on the stock exchange. SPACs are investment firms set up precisely for the purpose of merging with another company, hence the term “special-purchase acquisition company” (SPAC). Churchill is a SPAC of former Citigroup manager Michael Klein. At the time, Bloomberg named Churchill Capital as the most likely merger partner. There had already been rumours about an IPO through a merger in January. Therefore, existing Lucid investors are initially investing 2.5 billion dollars in CCIV so that the company can use this capital to take over Lucid. The deal itself consists of two parts: Since CCIV had raised “only” 2.1 billion dollars in its IPO, the company has too little money to buy Lucid – but that is what CCIV must do if the merged company is to remain listed. ![]() A total valuation of around 24 billion dollars is expected the equivalent of around 19.7 billion euros at the current exchange rate. The IPO, which is expected to be completed in the second quarter of 2021, is expected to raise US$4.4 billion (around €3.6 billion) in fresh capital for the company, according to the announcement. To this end, Lucid is merging with the listed investment company Churchill Capital IV (CCIV). The electric car start-up Lucid Motors announced its intention to go public via a merger, confirming rumours from January. BEV CCIV Churchill Capital IV IPO Lucid Air Lucid Motors Startup stock market
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