Tuesday, February 23, 2021
Deal with corporate shell
Tesla hunter Lucid goes public
The combined company will be valued at $ 11.75 billion.
The deal includes a $ 2.5 billion investment from Saudi Arabia’s public investment fund (PIF) and funds managed by the world’s largest asset manager Blackrock, among others. This is expected to give Lucid $ 4.6 billion in revenue.
Behind the “Special Purpose Acquisition Company” Churchill Capital IV (SPAC,) is the former Citigroup banker Michael Klein. Lucid was founded in 2007 by former Tesla manager Bernard Tse and entrepreneur Sam Weng.
The California-based electric car maker announced in August that it would launch its first luxury e-model, Lucid Air, earlier this year. With a range of around 800 kilometers, the sedan outperforms comparable electric cars, the company announced.