Posted on Feb 23, 2019 2021 at 10:13Updated Feb 23, 2019 2021 at 10:30
Lucid Motors, which specializes in electric vehicles, announced on Monday that it would go public through a merger with a company that values it at $ 24 billion. The Californian start-up has chosen to go through a SPAC (“Special Purpose Acquisition Company”), a company without commercial activity whose goal is to raise funds by entering a stock exchange.
“The transaction values Lucid at an initial pro forma value of approximately $ 24 billion,” the company said in a statement, and “will bring him approximately $ 4.4 billion in cash.” Churchill Capital Corp IV, SPAC, brings it $ 2.1 billion, and Lucid Motors has also traded $ 2.5 billion from investors, including BlackRock, Fidelity Management & Research LLC, Franklin Templeton and Neuberger Berman. The start-up expects the transaction to be finalized in the second quarter.