Electric vehicle firm Lucid Motors to go public in $11.8 billion blank-check merger

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The Lucid Air sedan, which is expected to go into production next year at a plant being constructed in Arizona. Electric vehicle firmLucid Motors plans to go public at an $11.75 billion combined equity valuation and $24 billion pro-forma equity value through a reverse merger with a blank-check company started by veteran investment banker Michael Klein. The deal between Newark, California-based Lucid and Churchill Capital Corp IV is the largest in a series of such tie-ups involving EV companies and blank-check firms, also known as a special purpose acquisition companies, or SPACs. Previous SPAC deals with EV start-ups such as Nikola, Fisker and Lordstown Motors garnered pro-forma valuations of less than $4 billion, but Lucid is farther along than those companies. Lucid is set to deliver its first vehicle – a luxury sedan called the Air – this spring. The deal will generate about $4.4 billion in cash for expansion plans for Lucid, including its current factory in Arizona. Shares of CCIV fell by roughly...read more...