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Exclusive: Lucid Motors nears SPAC deal as Klein launches financing – sources
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Exclusive: Lucid Motors nears SPAC deal as Klein launches financing – sources


SUBMIT IMAGE: The Lucid Air speed test cars and truck is shown at the 2017 New York City International Vehicle Program in New York City City, U.S. April 13, 2017. REUTERS/Andrew Kelly

February 16, 2021

By Joshua Franklin and Anirban Sen

(Reuters) – High-end electrical car maker Lucid Motors Inc is getting near a deal to go public at an approximately $12-billion appraisal after veteran dealmaker Michael Klein’s blank-check acquisition company introduced a financing effort to back the deal, individuals acquainted with the matter stated on Tuesday.

The merger in between Lucid and Klein’s Churchill Capital IV Corp would be the greatest in a string of offers by electrical car makers such as Nikola Corp and Fisker Inc that have actually gone public by integrating with unique function acquisition business (SPACs).

Churchill Capital IV has actually started talks with financiers to raise more than $1 billion by offering shares in a personal financial investment in public equity (PIPELINE) deal for the deal with Lucid, the sources stated. The size of the PIPELINE might reach $1.5 billion or more based upon financier need, one included.

These funds would remain in addition to the $2 billion Churchill Capital IV raised in a going public (IPO) in July on the New York Stock Exchange. Lucid and Klein settled on the crucial regards to the deal, according to the sources.

If the PIPELINE fundraising concludes effectively, a deal might be revealed as early as this month, according to the sources, who asked for privacy to go over the private information. Churchill Capital IV decreased to comment. Lucid did not right away react to an ask for remark.

Churchill Capital IV’s stock surged on the news and was trading up around 30% at $52.20.

Lucid, established in 2007 as Atieva Inc by previous Tesla executive Bernard Tse and business owner Sam Weng, makes high-end electrical cars. It was moneyed at first by Chinese and Silicon Valley endeavor financiers, with extra financing from backers like state-owned Chinese automobile maker BAIC Motor and Chinese innovation business LeEco.

To assist fund building of a U.S. assembly plant in Casa Grande, Arizona, Lucid was increased by a $1 billion financial investment in 2018 by Saudi Arabia’s Public Mutual fund.

Churchill Capital IV’s share cost has actually risen more than 300% considering that Bloomberg News reported in January that it remained in speak with combine with Lucid.

SPACs likes Churchill IV are shell business that raise money in an IPO to combine with an independently held business that ends up being openly traded as an outcome.

Combining with a SPAC has actually emerged as a popular IPO option for business looking for to go public with less regulative examination and more certainty over the appraisal that will be achieved and funds that will be raised.

Financiers crazy about SPACs are on the hunt for electrical car start-ups, intending to capture the next Tesla Inc. While some offers such as Fisker have actually provided handsomely for SPAC financiers, other such as Nikola have actually quit their short-term gains.

Klein has actually raised a string of SPACs which have actually done offers for business consisting of healthcare-services business MultiPlan Corp and analytics company Clarivate Plc.

(Reporting by Joshua Franklin in Miami and Anirban Sen in Bangalore; Modifying by David Gregorio and Nick Zieminski)

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MONEY & BUSINESS: Exclusive: Lucid Motors nears SPAC deal as Klein launches financing – sources

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