The facility is also already operational for pre-production builds of the Lucid Air. Funding will also be used to expand the company’s Arizona factory, which is the first greenfield purpose-built EV manufacturing facility in North America. Rawlinson said Lucid is going public to speed up this year’s launch of its new all-electric luxury sedan, Lucid Air, with plans to roll out Gravity, its high-performance luxury SUV, in 2023. The deal will give Lucid roughly $4.4 billion in cash, assuming no existing CCIV shares are redeemed for cash at closing. The transaction values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE offer price of $15 per share. 22).ĬCIV and Lucid are combining at a transaction equity value of $11.75 billion. 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,” Peter Rawlinson, CEO and CTO of Lucid, said in a press release on Monday (Feb. “Lucid is proud to be leading a new era of high-technology, high-efficiency zero-emission transportation. The Lucid story is ongoing and will be updated and we learn more.Luxury electric vehicle (EV) maker Lucid Motors and special purpose acquisition company (SPAC) Churchill Capital Corp IV (CCIV) are planning a merger to go public. Many of these companies are or are hoping to compete with Tesla, which is coincidentally under its own SEC investigation pertaining to solar panel fire risks. Stock of Lucid as well as other EV companies with approved SPACs fell today following the news. According to Reuters, the SEC had no comment on its action against Lucid or its merger with CCIV.
LUCID MOTORS CCIV UPDATE
Representatives for Lucid told Electrek the company has an official statement coming later today, which we will be sure to update you on. The Company is cooperating fully with the SEC in its review.
Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp.
(the ‘Company’) received a subpoena from the Securities and Exchange Commission (the ‘SEC’) requesting the production of certain documents related to an investigation by the SEC. A regulatory 8-K filing from Lucid dated December 6 states the following: received a request on December 3 from the SEC, for documents pertaining to its merger with CCIV. Air Dream Editions lined up and ready to test drive / Source: Lucid Motors Lucid joins SEC’s growing watch list following its CCIV SPAC mergerĪccording to a report by Reuters, Lucid Group Inc. Now, however, Lucid’s progress might be slowed a bit, as it works with the SEC during its investigation of the approved merger with CCIV. Since the CCIV merger, Lucid has remained focused on delivering all 520 of the promised Dream Editions, with three additional trims in its production queue. This includes Faraday Future, Fisker, Lordstown Motors, and Canoo (also under SEC investigation). Lucid’s SPAC merger with CCIV joined a growing number of other EV companies that took a similar approach. The merger was approved this past July, resulting in the companies joining the Nasdaq under the ticker symbol $LCID and combining for a pro-forma equity value of $24 billion. Prior to this launch, Lucid had confirmed speculated rumors that it would be entering into a Special Purpose Acquisition Company (SPAC) merger with CCIV, a blank check shell company founded by Michael Klein. Lucid Motors has quickly become one of the rising names in electric vehicles, having begun initial deliveries of its flagship vehicle, the Air Dream Edition, this past fall. relating to the investigation of its SPAC merger with Churchill Capital Corp. Regulators from the US Securities Exchange Commission (SEC) have requested documents from Lucid Group Inc.
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