decide to trade shares “Lucid Motors” on the Nasdaq Stock Exchange today, Monday, after the approval of the company’s merger with the blank check company in the second attempt Friday.
Lucid Motors and Churchill Capital announced the deal in February, an investment of about $4.5 billion in financing for Lucid.
US company Churchill Capital Corp IV hopes to start selling the Lucid Air, a luxury electric sedan made at Lucid’s plant in Arizona In the second half of this year.
In turn, “Lucid” said in a statement: “The company was forced to extend the vote on the merger to Friday from Thursday after it called it very specific technical factors related to the review of its charter and funding, a proposal that needs additional votes.”
The company indicated that the merger itself was approved by more than 99% of the shareholders.
The deal values the new entity at $36 billion, of which the Saudi Public Investment Fund will own 60%.
The investment fund made profits of $20 billion compared to its $2.9 billion investment, the Wall Street Journal reported.