CCIV stock soars 30% on report it’s nearing deal with Lucid Motors
Now, those are some bold words from a company that has yet to sell a single commercial vehicle yet, but it shows that Lucid really wants to get its vehicle production right. The rumors that the deal would happen had sent Churchill shares much higher than the levels detailed in Monday’s announcement, however, and shares dove more than 25% in after-hours trading. Like all SPACs, Churchill went public at a per-share price of $10, with most of the gains coming after reports of discussions between Lucid and Churchill. While Lucid Motors is still at the beginning stages of manufacturing its first vehicle, investors will likely want to keep tabs on it. Electric vehicles are becoming increasingly important to both Wall Street and the automotive market. That will likely make Lucid Motors a hot commodity as the EV market expands in the coming years.
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Lucid Group, Inc. is an automotive company, which is focused on designing, developing, manufacturing and selling of electric vehicle , EV powertrains and battery systems in-house using its own equipment and factory. The Company offers at its own geographically distributed retail and service locations and through direct-to-consumer online and retail sales. It also boasts a product roadmap of future vehicle programs and technologies. Features of our products including fees and charges are outlined in the relevant legal documents available on our websites. The legal documents should be considered before entering into transactions with us.
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Electric vehicle startup Lucid Motors may be nearing a Michael Klein-run SPAC agreement to take the California based company public, according to Reuters. The potential development sent shares of blank-check company Churchill Capital IV up more than 30% on Tuesday afternoon. Shares were halted for volatility following the headline.
- It would be one of highest profile electric vehicle SPAC agreements since Nikola and Fisker debuted publicly last year.
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- Reports of a possible deal between Lucid and Churchill Capital IV have been circulating for about a month now, prompting the special purpose acquisition company to put out a statement back in January.
Replacement of CELEX identifiers by short titles – experimental feature. It replaces clickable CELEX identifiers of treaties and case-law by short titles. Lucid’s execs have made several comments indicating that they plan to do things a little bit differently than Tesla, in ways they hope will allow them to avoid some of their competitors’ mistakes. One aspect of that plan atfx forex broker review is their strategy of limiting Lucid’s factory capacity to only what it needs right now. Lucid is based in Newark, Calif., a San Francisco Bay Area city next door to Tesla’s original factory in Fremont. Chief Executive Peter Rawlinson, who will continue to lead the company after the transaction closes, was the chief engineer on Tesla’s Model S before leaving for Lucid.
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Intraday data delayed at least 15 minutes or per exchange requirements. Lucid and Churchill announced Monday afternoon that they will combine at a transaction equity value of $11.75 billion, and have attracted private investment in the deal at $15 a share that implies a valuation of $24 billion. The private investment in a public equity deal, known as a PIPE, and cash from Churchill will provide roughly ironfx forex broker review $4.4 billion in total funding to Lucid, the parties reported. TSLA, +8.17%rival, agreed to combine with Churchill Capital Corp. IV CCIV,a special-purpose acquisition company, or SPAC, also known as a blank-check company. SPACs have become extremely popular during the COVID-19 pandemic, and have been used repeatedly in the electric-vehicle and related sectors amid a phenomenal rise in Tesla’s valuation.
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It would be one of highest profile electric vehicle SPAC agreements since Nikola and Fisker debuted publicly last year. MT5 is the platform offered for our share CFD traders. Zero Markets’ MT5 are packed with extras to ensure you’re equipped with all the tools you need to make better informed trading decisions. Tight Raw Pricing, fast execution and superior charts are the building blocks for our MT5 solutions. Lucid says that it will continue expanding its Arizona factory, increasing its square footage to 5.1 million by 2028, and will eventually reach an annual capacity of 365,000 vehicles.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Lucid expects to more than double its U.S. workforce after the investment, from about 2,000 workers currently to roughly 5,000 by the end of 2022. The stock extended losses in premarket trading Tuesday, falling 35%.
Investors in the PIPE agreed not to sell their shares until Sept. 1 or the shares are registered, whichever is later. Existing investors will face a six-month lockup on their shares. Churchill’s sponsor has agreed not to sell shares for 18 months after the transaction closes. The latest report of a possible deal would give Lucid Motors about a $12 billion valuation.
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The pace of growth should reassure investors worried about the prospect of recession. Lucid Motors placed its first US production factory in Casa Grande, Arizona. The company aims to meet production goals for of its most expensive vehicle, the Air Dream Edition this year. Reports of a possible deal between Lucid and Churchill Capital IV have been circulating for about a month now, prompting the special purpose acquisition company to put out a statement back in January. The member states bear sole responsibility for all information on this site provided by them on the transposition of EU law into national law.
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