(Reuters) – Lucid Motors on Monday agreed to go public by merging with Churchill Capital IV Corp, a blank-check firm backed by Wall Street dealmaker and former Citigroup banker Michael Klein, in a deal that valued the combined company at $11.75 billion.
The deal with Churchill Capital IV Corp includes a private investment of $2.5 billion from Saudi Arabia’s Public Investment Fund, funds managed by BlackRock and others. It is expected to provide Lucid with $4.6 billion in proceeds.
The California-based EV maker had said in August that it aims to start selling its first luxury model, Lucid Air, early this year. The electric sedan would be the first to achieve a 500-mile driving range, the company said. (https://reut.rs/3nBdh0I)
Lucid Air has a starting price of $77,400. But it would come down to $69,900 as customers may be eligible for a federal …
Read More on Datafloq
Credit: Source link