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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.
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….
