US electric automaker Lucid Motors Inc on Monday announced that it would go public via a merger with a company that valued it at US$24 billion.
The California-based start-up has chosen to go through a SPAC, or “special purpose acquisition company,” which is a company with no commercial activity whose aim is to raise funds by going public.
The SPAC, Churchill Capital Corp IV (CCIV), contributed US$2.1 billion, and Lucid also negotiated US$2.5 billion from investors including BlackRock, Fidelity Management & Research LLC, Franklin Templeton and Neuberger Berman.
“The transaction values Lucid at an initial pro-forma equity value of approximately US$24 billion,” the
US electric carmaker Lucid Motors announced on Monday that it will go public via a merger with a company that values it at $24 billion (€19.71bn).
The Cal