EV maker Lucid Motors to go public via Michael Klein-backed blank-check firm
(Reuters) – Lucid Motors on Monday agreed to go public by merging with Churchill Capital IV Corp, a blank-check firm backed by Wall Street dealmaker and former Citigroup banker Michael Klein, in a deal that valued the blended firm at $11.75 billion.
The maintain Churchill Capital IV Corp encompasses a non-public funding of $2.5 billion from Saudi Arabia’s Public Investment Fund, funds managed by BlackRock and others. It is predicted to current Lucid with $4.6 billion in proceeds.
The California-based EV maker had talked about in August that it objectives to start selling its first luxurious model, Lucid Air, early this yr. The electrical sedan could be the first to get hold of a 500-mile driving fluctuate, the company talked about. (https://reut.rs/3nBdh0I)
Lucid Air has a starting value of $77,400. But it’d come down to $69,900 as prospects is also eligible for a federal …
