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Lucid Motors CEO says EV start-up

Lucid Motors

LCID stock

LCID stock

Lucid Motors CEO says EV start-up

Lucid Motors

part1

Lucid Motors began trading Monday on Wall Street after completing its SPAC merger. Under the ticker symbol

LCID, the stock jumped about 10% to more than $26.

The merger with Churchill Capital Corp IV — a special purpose acquisition company created by longtime

investment banker Michael Klein — was officially announced in February and shares of the blank-check company

immediately lost about half their value. On speculation in the weeks leading up to the Lucid deal, Churchill

Capital Corp IV had surged some 400% to an all-time high of $64.86.

part2

The equity value of the deal paid existing company shareholders $11.75 billion. It also generated over $4 billion

in cash for expansion plans, including Lucida’s current factory in Arizona.

The funding puts Lucid “in a very enviable position” compared with rival Tesla, which secured about $226 million

in its 2010 initial public offering, Lucid CEO Peter Rawlinson said Monday on Squawk Box The ex-Tesla

engineering executive said the merger secures Lucida’s financial runway through the end of 2022.

part3

“We do have a very illustrious roster of blue-chip institutional investors but we’ve attracted so much interest from

the retail sector as well,” Rawlinson said. “It’s a testament to the appeal of our product and our technology that

we’ve enjoyed that position.”

The reverse merger was approved in an extended vote by more than 99% of company shareholders, Klein said in

a conference call Thursday.

part4

The deal, which valued Lucid at an initial pro forma valuation of $24 billion, was the largest among similar

transactions involving EV companies and blank-check firms. Previous SPAC deals with EV start-ups such as Nikola,

Fisker and Lords town Motors earned valuations of less than $4 billion.

PART5

Lucid had some difficulty attracting capital until September 2018. That’s when Saudi Arabia’s sovereign wealth

jumped in with funding. With an ownership stake of more than 60% in Lucid, the kingdom’s Public Investment

Fund stands to make a nearly $20 billion profit on an investment of $2.9 billion, according to The Wall Street..

part6

California-based Lucid expects to deliver its new electric vehicle, the Lucid Air, in the second half of this year after

delays largely due to the Covid pandemic. Rawlinson previously told CNBC he expects the Air to pave the way for

a lineup of future all-electric vehicles, including an SUV, starting production in early 2023, and more affordable

vehicles down the line.

The company said Monday it has 11,000 paid reservations for Lucid Air models.

 

MORE,ALSO:

San Diego Padres acquire All-Star second baseman Adam Frazier from Pittsburgh Pirates

SOURCE:

Lucid Motors CEO says EV start-up is in an ‘enviable position’ as stock pops in its debut

 

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