("Lucid"), will be listed on The Nasdaq Stock Market LLC ("Nasdaq") beginning on Junder the ticker symbols "LCID" and "LCIDW," respectively. Shares of common stock and warrants of the post-combination company, renamed Lucid Group, Inc. and NEW YORK, J/PRNewswire/ - Churchill Capital Corp IV ("Churchill IV" or "CCIV") (NYSE: CCIV), a publicly traded special purpose acquisition company, 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.Ĭhurchill IV, whose shares of common stock, warrants and units are currently listed on the New York Stock Exchange (the "NYSE"), will delist from the NYSE. 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.Ĭustomer deliveries of the first Lucid Airs are still scheduled to begin sometime this year.NEWARK, Calif.
I want to thank Michael and the Churchill team for their partnership and shared vision. 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. 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 thrilled to complete our business combination with Churchill IV and become a public company. Lucid CEO and CTO Peter Rawlinson, shared his thoughts on the approved merger: We’re delighted to announce that Churchill Capital IV shareholders have voted overwhelmingly to approve the business combination with Lucid Motors. In a press release from CCIV this morning, both sides of the pending SPAC merger announced an approved close of the business combination.Īfter 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. Photo: Lucid Lucid shareholders approve SPAC merger to enter Nasdaq 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. 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. 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. 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.”Īfter 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). 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.” 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.