EV maker Lucid rises in Nasdaq debut after merger with Klein-backed SPAC – Reuters
- Date: 27-Jul-2021
- Source: Reuters
- Sector:Transport
- Country:Saudi Arabia
EV maker Lucid rises in Nasdaq debut after merger with Klein-backed SPAC – Reuters
July 26 (Reuters) - Shares of Lucid Group Inc (LCID.O) rose as much as 19% in their Nasdaq debut on Monday after the electric vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein.
Lucid, which is run by an ex-Tesla Inc (TSLA.O) engineer, had agreed to go public in February through a merger with Churchill Capital Corp IV. The deal gave the combined company a pro-forma equity value of $24 billion. read more
Lucid's listing is a huge dividend for Saudi Arabia's Public Investment Fund, which had invested more than $1 billion in the company in 2018 for a substantial stake.
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