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Venrock Associates is a venture capital firm that has been invested in Lucid Motors since 2009, back when the company was still called Atieva.īoth companies declined to comment on the news.Ī 300% surge in the stock price following Reuters report Financial terms of the transaction are unknown.” “A consortium led by Venrock Associates proposed to sell Lucid Motors Inc to Churchill Capital Corp IV. Shares of Churchill Capital IV have been steadily rising over the past month, since Bloomberg published a report stating that the special purpose acquisition company (SPAC) was planning a merger with the luxury electric vehicle manufacturer Lucid Motors. The Lucid Air, an all-electric luxury Sedan (Source: Electrek) Talks between the SPAC and the EV manufacturer If the deal does happen, Lucid Motors will join the over-130 list of companies that are going public via SPAC in 2021.The news was once again supported by a new Reuters report, suggesting that the deal might value the company at $12 billion and that there could be an official merger announcement as early as this month.The SPAC share price jumped 300% since the announcement of the deal by Bloomberg on January 11 th.Churchill Capital Corp IV is reportedly in talks with EV company Lucid Motors to take them public through a SPAC-merger deal.Next year’s releases include its most affordable Lucid Air Pure, starting at $69,900.Could we soon see yet another EV company going public via a SPAC deal? According to Reuters, a new deal between Michael Klein-backed SPAC Churchill Capital IV and EV company Lucid Air could be announced before the end of the month. Other variants will be released in late 2021 and early 2022. Lucid plans to launch the Air Dream edition, along with the Air Grand Touring variant of its introductory electric car in Q2 2020. Lucid is a great example of a company that offers potential considering its plans and its already proven ability to produce a notable vehicle.
![lucid cciv lucid cciv](https://investorplace.com/wp-content/uploads/2021/03/cciv-stock-2.jpg)
This is especially relevant for a car company with tremendous potential but doesn’t have any products to show for it yet. It gives investors peace of mind, primarily as SPACs provide private companies with more certainty over a company’s valuation.
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![lucid cciv lucid cciv](https://i.ytimg.com/vi/ehpj7KV5GKc/maxresdefault.jpg)
SPACs act as companies that raise money in an IPO to merge with a privately held company to become public later. At the time of writing, shares were trading at $52.12. The rumors have spiked CCIV’s stock up over 30% so far on Tuesday. Sources then said that a successful PIPE deal could land Lucid’s IPO at a date that could be as early as this month. Investor demand will dictate how successful CCIV’s capital raise will be, but the company could acquire up to $1.5 billion, a person familiar with the matter said. New details from Reuters show that Lucid’s merger deal with CCIV could be getting closer as Michael Klein, the company’s financier, has initiated talks with investors to raise more than a billion dollars by selling holdings of a private investment in public equity, or PIPE, transaction. Lucid Air pricing revealed ahead of unveiling event * Lucid Motors nears deal to merge with Churchill Capital IV Corp., valuation ~ $12B $CCIV CEO and CTO Peter Rawlinson, a former Tesla engineer, maintains that the company “hasn’t accomplished a damn thing” until it produces a car, a narrative that is much appreciated by Tesla’s loyal fans who are all too familiar with automakers claiming they are the company to knockoff the widely-accepted king of electric vehicles. Fixed in several different variants that cover a multitude of performance and pricing options, the Air has range and speed similar to the Tesla Model S. Widely considered Tesla’s biggest competition in the EV sector, Lucid is coming to the market later this year with its first car: the Air. For weeks, speculation has persisted that Lucid, an all-electric car manufacturer, could merge with CCIV in a deal that will take the company public ahead of the first production push of its vehicles. Lucid’s possible SPAC merger with Churchill Capital IV is all but confirmed after the fund’s stock spiked during Tuesday trading hours.