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


The Lucid Air sedan, which is expected to go into production next year at a plant being constructed in Arizona.


Electric vehicle firm Lucid 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…


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