February 28, 2021

Lucid electric vehicle start-up goes public and raises 4.4 billion

Posted on Feb 23, 2019 2021 at 10:13Updated Feb 23, 2019 2021 at 14:04

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”, specifies the company in a press release, and he “Will bring about 4.4 billion in cash”. Churchill Capital Corp. IV, the SPAC, brought him $ 2.1 billion, and Lucid Motors 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.

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