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Lucid Motors And Churchill Capital Confirm Spac Deal: Cciv Share Tank

by finance.yahoo.com posted 1week ago 11 views
Lucid Motors and Churchill Capital IV (CCIV) confirmed a merger deal to take the California-based EV company public. Shares of Churchill Capital tanked as much as 27% after the news was announced on Monday evening. The stock's after-hours performance is a reversal from previous sessions when it rallied over reports of nearing a deal. The transaction values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE offer price of $15.00 per share and will provide Lucid with approximately $4.4 billion in cash (assuming no existing CCIV shares are redeemed for cash at closing).

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