CCIV - 1 Key Question Lucid Motors Didn't Answer
Lucid Motors is an up-and-coming luxury electric vehicle (EV) company directly challenging Tesla as well as legacy automakers. With the stated goal to "create the very best electric car in the world," private stakeholders in the company plan to hold a vote to merge with a special purpose acquisition company ( SPAC ) called Churchill Capital IV (NYSE: CCIV) on Thursday, July 22. If approved, the merger would give Lucid $4.4 billion in cash net of expenses, assuming there are minimal redemptions from Churchill shareholders.
Lucid held an investor presentation on July 13 and provided a few key updates, but management failed to disclose the official date when the company's Lucid Air Dream Edition would begin production and start delivery of the electric vehicle to customers. Shares of Churchill Capital IV fell over 10% following the presentation and continue to be extremely volatile.
Image source: Lucid Motors.
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1 Key Question Lucid Motors Didn't Answer