Churchill Capital Corp IV (CCIV) and Lucid Motors today announced the completion of their business combination, taking public a company that is setting new standards with its advanced luxury EVs.
Churchill IV, whose shares of common stock, warrants and units are currently listed on the New York Stock Exchange, will delist from the NYSE. Shares of common stock and warrants of the post-combination company, renamed Lucid Group, Inc., will be listed on The Nasdaq Stock Market LLC beginning on July 26, 2021 under the ticker symbols “LCID” and “LCIDW,” respectively. Units will no longer trade separately.
Lucid should receive about $4.4 billion in cash from the transaction, after expenses. The deal values Lucid at around $24 billion.
Peter Rawlinson, CEO and CTO of Lucid, said, “We are thrilled to complete our business combination with Churchill IV and become a public company. Lucid has further increased its momentum as we gear up to make the first customer deliveries of our Lucid Air lineup of electric sedans later this year. We are making significant investments in the long-term growth and innovation of our company, and we will continue to bring to bear world-class technology to positively impact mankind’s transition to sustainable mobility. I want to thank Michael and the Churchill team for their partnership and shared vision.”
Michael Klein, Chairman and CEO of Churchill IV, said, “By assembling a highly talented leadership team, a strong independent board and undertaking a ground-up reimagining of electric vehicles, Lucid has built an incredible EV with superior, race-proven technology. We are excited to complete this combination and our significant investment in Lucid as it disrupts the EV market, continues to create excellent jobs for thousands across the U.S. and advances sustainable mobility for the benefit of the planet. I am sure Lucid will continue to be a committed steward of the environment and a steadfast supporter of the communities where it operates while delivering attractive returns and providing strong governance for its shareholders. Churchill Capital is pleased to partner with Lucid, introducing the Company to the public markets, delivering the unprecedented capital to finance the launch of its extraordinary line of vehicles and engaging to grow the Company into a leading automotive and energy company.”
As previously announced, Peter Rawlinson will continue to lead Lucid along with the rest of the company’s seasoned leadership team. Churchill IV’s leadership team and group of operating partners will actively facilitate key introductions and relationships and provide product, design and industry insights.
Customer deliveries of the Lucid Air lineup of luxury, high-performance EVs are planned to begin later this year. The entire lineup features luxury electric sedans that are expected to be capable of up to 1080 horsepower, quarter-mile times as low as 9.9 seconds and up to 500+ miles of range on a single charge, making Lucid Air the new standard for electric vehicle performance and efficiency.
