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Churchill Capital Corp IV plunges 35% after Lucid Motors strikes SPAC deal to go public with a $24 billio.. – Business Insider

The deal will generate about $4.4 billion in cash for Tesla rival Lucid, which plans to use the funds to expand its manufacturing facility in Arizona.

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Lucid Air.
Lucid
Shares in Churchill Capital IV fell as much as 45% in regular trading on Tuesday after the blank-check company’s merger with Lucid Motors was announced. 
Electric-vehicle maker Lucid confirmed it would go public via the special-purpose acquisition company run by financier Michael Klein with a pro-forma equity value of $24 billion. 
The deal will generate about $4.4 billion in cash for 14-year-old Lucid, which plans to use the funds to expand its manufacturing facility in Arizona….

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