It was a big week for Lucid, and their CEO Peter Rowlings.
Lucid motors began trading on Wall Street after its SPAC merger with Churchill Capital, and the companies stock (LCID) jumped to over $26. This 10% increase was not surprising, as the merger with Churchill Capital Corp IV was long speculated. On speculation of the deal, Churchill Capital stock surged over 400% in the last week.
The equity value of the deal saw existing shareholders paid out $11.75 billion. Further to that, the company generated over $4 billion in cash, which allows Lucid to expand. This expansion includes increasing the size of the companies Arizona factory.
As per the Lucid CEO, the merger secures Lucid financially through to the end of 2022. The merger was approved via an extended vote by shareholders last week. The SPAC deal is one of the largest involving EV startups and puts Lucid ahead of Nikola, Fisker and Lordstown Motors.
The company has 11,000 paid reservations for the Lucid Air on the books already. In addition, Lucid is planning to launch the Dream model, which will cost $169,000 shortly.