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Churchill Capital Corp IV plunges 35% after Lucid Motors strikes SPAC deal to go public with a $24 billion valuation
13 days ago - By Business Insider
Lucid Air.
Lucid
Churchill Capital IV fell 35% in pre-market trading after Lucid Motors struck a deal to go public via the SPAC. The deal will generate $4.4 billion for Lucid, which plans to use the funds to expand its Arizona facility. Churchill's transaction values Lucid at about $24 billion at the PIPE offer price of $15.00 per share. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shares in Churchill Capital IV fell as much as 35% in early trading on Tuesday after the blank-check company's merger with Lucid Motors was announced. Electric-vehicle maker Lucid...
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