- The stock price of Churchill Capital Corp IV (NYSE: CCIV) increased by 25.49%. This is why it happened.
The stock price of Churchill Capital Corp IV (NYSE: CCIV) increased by 25.49%. This is why it happened. Investors seem to be responding to an LA Times article about Lucid Motors and Churchill Capital.
The LA Times pointed out that Lucid Motors was close to shutting down and it urgently needed to raise capital back in 2018. But then Saudi Arabia’s sovereign wealth fund invested $1.3 billion in Lucid Motors and the company was able to get back on track.
And now the sovereign wealth fund of Saudi Arabia and Lucid’s founders are planning to take Lucid Motors public through a special purpose acquisition company (SPAC). The deal is reportedly “near completion,” according to the LA Times’ sources who are familiar with the negotiations.
“Lucid Motors has always been clear about its intent to go public at some point in order to accelerate the adoption and global availability of Lucid’s exclusive electric vehicle and sustainability technologies,” said Lucid Motors in a statement sent to Lucid Motors. “Currently, our focus continues to be on bringing Lucid Air to production in spring of this year, with the strong support of key investors and our partners at the Public Investment Fund.”
Lucid Motors Chairman Andrew Liveris is also an operating partner at Churchill Capital IV. And Churchill Capital IV is reportedly going to be the SPAC that is planning to buy Lucid. Liveris being on both sides of the deal makes it seem more likely that a deal between Lucid and Churchill Capital to go through.
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