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Automotive

Reuters first to report Lucid Motors nears SPAC deal as Klein launches financing

Reuters was first to report that luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein’s blank-check acquisition firm launched a financing effort to back the transaction. The merger between Lucid and Klein’s Churchill Capital IV Corp would be the biggest in a string of deals by electric vehicle makers such as Nikola Corp and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs). Churchill Capital IV’s stock spiked on the news and was trading up around 30% at $52.20.

Article Tags
Topics of Interest: Automotive
Type: Reuters Best
Sectors: Equities
Regions: North America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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