Following more than a month of rumours, Lucid Motors officially announced today its plans to go public through a reverse merger with a special purpose acquisition company (SPAC).
Lucid will be joining forces with Michael Klein’s SPAC, Churchill Capital Corp IV. The deal will see Lucid be offered at $15.00 per share, giving it an initial pro-forma equity value of approximately $24 billion.
The deal is expected to close in Q2 2021, at which time Lucid will receive $4.4 billion in cash to help fund its expansion plans.
“CCIV believes that Lucid’s superior and proven technology backed by clear demand for a sustainable EV make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability. We are pleased to partner with Peter and the rest of Lucid’s leadership team as it delivers the highly anticipated Lucid Air to market later this year, promising significant disruption to the EV market and creating thousands of jobs across the U.S,” said Michael Klein.
Lucid Motors recently completed construction of the first phase of it’s $700 million manufacturing facility in Casa Grande, Arizona. Known as Lucid-AMP-1 (Advanced Manufacturing Plant), it will have an initial production capacity of 30,000 vehicles per year.
Its first vehicle, the Lucid Air will come in 4 different variants, with the most expensive Dream Edition arriving first in spring 2021.
#LucidMotors is on a mission to elevate the expectations for electric vehicles. Today, we’ve entered an agreement to merge with CCIV. Going public will accelerate our efforts to introduce the most advanced EV's in the world.
— Lucid Motors (@LucidMotors) February 22, 2021