After days of both sides rallying stockholders to exercise their vote, the SPAC merger between Lucid Motors and Churchill Capital Corp IV (CCIV) has been approved. The closing of this long-anticipated merger is expected to close later today, and Lucid Motors is expected to trade on Nasdaq next week under the ticker symbol “LCID.”
If you don’t know by now, Lucid Motors is a luxury EV automaker on the cusp of delivering its first sedan, the Air, “sometime in the second half of 2021.”
After months of rumor and speculation surrounding a potential SPAC merger, Lucid announced it would go public last February, as part of a business combination with Churchill Capital Corp IV ($CCIV).
Lucid shared it would eventually enter the Nasdaq and receive an approximate cash injection of $4.4 billion to accelerate its production of the Lucid Air and the development of future EVs like the Gravity SUV.
Mere days after the merger was initially confirmed, Lucid announced a delay to the flagship Dream Edition trim of the Air sedan, which was originally scheduled to begin deliveries this past spring.
While the details of the 2021 Air deliveries remain hazy, shareholders have a clear view of the automaker’s financial future as a publicly traded company.
Lucid shareholders approve SPAC merger to enter Nasdaq
In a press release from CCIV this morning, both sides of the pending SPAC merger announced an approved close of the business combination.
After a barrage of rallying calls and Tweets from Lucid CEO Peter Rawlinson and CCIV chairman Michael Klein, institutional and retail shareholders exercised their right to vote, resulting in a 98% approval.
Lucid CEO and CTO Peter Rawlinson, shared his thoughts on the approved merger:
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.
Rawlinson will continue in his roles leading Lucid Motors, while CCIV’s leadership team will help facilitate key introductions and provide product, design, and industry insights.
Customer deliveries of the first Lucid Airs are still scheduled to begin sometime this year.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.
Author: Scooter Doll
Source: Electrek
