A Michael Klein-backed SPAC is popping on rumors of bringing an electric vehicle company public. Why It’s Important: Lucid Motors is one of the most established private electric vehicle companies, according to the report. Create one. Why It’s Important: Shares of Churchill Capital Corp IV have soared on the rumors. Related Link: 10 SPACs Trading Under $11 For Investors To Consider In 2021. The $15 billion valuation would be based on the original $10 offering price of CCIV shares. One of the most talked about SPAC deals and electric vehicle stories could also be the highlight of the coming trading week, with a deal announcement nearing the finish line. Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon. The $15 valuation of Lucid Motors could make this one of the largest SPAC deals in history, potentially beating last year’s UWM Holdings (NYSE: UWMC) merger, valued at $16 billion. Don't have a Benzinga account? According to the U.S. Securities and Exchange Commission (SEC), "A SPAC … By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. Create one. Everything you need to know about the latest SPAC news. Shares were halted for … Sources told Bloomberg a deal could be announced on Tuesday. Don't have a Benzinga account? © 2021 Benzinga.com. All rights reserved. Everything you need to know about the market - quick & easy. Price Action: Shares of Churchill Capital Corp IV were down 9% on Friday to close the week at $52.94. Peter Rawlinson is the CEO of Lucid Motors. Churchill Capital IV (CCIV.U) Finding a SPAC investment in which management has experience going public , identifying a prospective business and executing a merger is key to investor success. Shares of special purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV) were trading higher on Thursday. A daily collection of all things fintech, interesting developments and market updates. Find the latest Churchill Capital Corp IV (CCIV) stock quote, history, news and other vital information to help you with your stock trading and investing. 10 SPACs Trading Under $11 For Investors To Consider In 2021, 61 Stocks Moving In Wednesday's Mid-Day Session, Lucid Aims To Unveil Tesla Model 3 Rival By 2025: CEO, 9 Key Takeaways From The Lucid Motors SPAC Merger, Mid-Afternoon Market Update: Dow Falls 60 Points; Churchill Capital IV Shares Plunge, Privacy Policy / Do Not Sell My Personal Data. What Happened: Lucid Motors is in talks to go public with Churchill Capital Corp IV (NYSE: CCIV), according to Bloomberg. Related Link: Michael Klein Raises $1.6B With 6th And 7th SPACs, CCIV Continues To Rise. The deal could value Lucid Motors at $15 billion. Lucid Motors is backed by Saudi Arabia’s sovereign wealth fund. The article Klein's seventh SPAC Churchill Capital Corp VII files for a $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. A Michael Klein-backed SPAC is popping on rumors of bringing an electric vehicle company public. Lucid Motors Chairman Andrew Liveris has a history with Michael Klein as the two worked together on deals while Liveris was the CEO of Dow Chemical (NYSE: DOW). Prior to working for Lucid, he was the chief engineer on the Model S sedan at Tesla Inc (NASDAQ: TSLA). All rights reserved. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Benzinga does not provide investment advice. By creating an account, you agree to theTerms of Service and acknowledge our Privacy Policy. Everything you need to know about the latest SPAC news. The SPAC now boasts a market cap of $6.93 billion. Electric vehicle startup Lucid Motors may be nearing a Michael Klein-run SPAC agreement to take the California based company public, according to Reuters. If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com. Posted-In: Andrew Liveris electric vehicles lucid motorsNews Rumors Movers Media Trading Ideas Best of Benzinga, Thank you for subscribing! Churchill Capital Corp IV shares traded around $26.79 per share on Monday at 9:31 am EST. What Happened: Lucid Motors, rumored to be landing a SPAC deal with Churchill Capital Corp IV (NYSE: CCIV) since January, is close to a deal, according to Bloomberg. Michael Klein Raises $1.6B With 6th And 7th SPACs, CCIV Continues To Rise, Lucid Aims To Unveil Tesla Model 3 Rival By 2025: CEO, 9 Key Takeaways From The Lucid Motors SPAC Merger, Mid-Afternoon Market Update: Dow Falls 60 Points; Churchill Capital IV Shares Plunge, Mid-Day Market Update: Nasdaq Drops 250 Points; Frank's International Shares Jump Following Q4 Earnings, 65 Stocks Moving In Tuesday's Mid-Day Session, Privacy Policy / Do Not Sell My Personal Data. NEW YORK, Feb. 12, 2021 /PRNewswire/ -- Churchill Capital Corp VII (the "Company") announced the pricing of its initial public offering of 120,000,000 units at $10.00 per unit. Disclosure: Author is long shares of CCIV. Churchill Capital Corp IV (NYSE:CCIV) posts a statement after speculation over a Lucid Motors SPAC deal picked up last week. Churchill Capital is said to be raising an additional $1 billion to $1.5 billion to finance the merger. Disclosure: The author has a long position in shares of CCIV. Several appearances by Lucid Motors executives on CNBC have led to spikes in the share price of CCIV. A special purpose acquisition company (SPAC; / s p æ k /), also known as a "blank check company" is a shell corporation listed on a stock exchange with the purpose of acquiring a private company, thus making it public without going through the traditional initial public offering process. CCIV Price Action: Shares of Churchill Capital Corp IV are up 22% to $12.28 at the time of writing. Shares spiked 40% earlier Monday, hitting new highs of $13.96. Lucid Motors plans on a more affordable version of the vehicle in 2022. Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. A Lucid Look At The SPAC Craziness: Churchill Capital Corp IV Deep Dive Feb. 09, 2021 9:00 AM ET Churchill Capital Corp IV (CCIV) , CCIV.U CCX MPLN 117 Comments 38 Likes Andrew Walker, CFA Get pre-market outlook, mid-day update and after-market roundup emails in your inbox. This is not the first breathless report that Lucid Motors would merge with a Klein-sponsored SPAC. Lucid is targeting the luxury end of the electric vehicle market with the $169,000 Air EV scheduled for delivery in the second quarter of 2021 for the U.S. market. Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein's blank-check acquisition firm launched a financing effort to back the transaction, people familiar with the matter said on Tuesday. Churchill Capital is said to be raising an additional $1 billion to $1.5 billion to finance the merger. The potential development sent shares of blank-check company Churchill Capital IV (CCIV) up more than 30% on Tuesday afternoon. Posted-In: Bloomberg CNBC lucid motors SPACNews IPOs Hot Trading Ideas Best of Benzinga, Thank you for subscribing! The $15 billion valuation would be based on the original $10 offering price of CCIV shares. The merger between Lucid and Klein's Churchill Capital … Everything you need to know about the market - quick & easy. The report says the valuation would be $15 billion for Lucid Motors, up from $12 billion reported last week. A daily collection of all things fintech, interesting developments and market updates. © 2021 Benzinga.com. Benzinga does not provide investment advice. JDP Capital Management, an investment management firm, published its fourth-quarter 2020 Investor Letter – a copy of which can be downloaded here.
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