A Michael Klein-backed SPAC explodes rumors that an electric vehicle company is going public.
What happened: Lucid Motors is in talks to go public with Churchill Capital Corp IV (NYSE: CCIV), selon Bloomberg.
The deal could value Lucid Motors at $ 15 billion. Lucid Motors is backed by Saudi Arabia’s sovereign wealth fund.
Why this is important: Lucid Motors is one of the most established private electric vehicle companies, according to the report. Lucid is targeting the luxury segment of the electric vehicle market with the $ 169,000 Air EV scheduled for delivery in Q2 2021 for the U.S. market.
Lucid Motors is planning a more affordable version of the vehicle in 2022.
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Peter Rawlinson is the CEO of Lucid Motors. Prior to working for Lucid, he was the chief engineer of the Model S sedan at Tesla Inc (NASDAQ: TSLA).
Lucid Motors chairman Andrew Liveris has a history with Michael Klein as the two worked together on deals while Liveris was the CEO of Dow Chemical (NYSE: DOW).
CCIV price action: Shares of Churchill Capital Corp IV are up 22% to $ 12.28 at the time of writing. Shares climbed 40% earlier on Monday, hitting new highs of $ 13.96.
Disclosure: The author has a long position on the actions of CCIV.
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