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Luxury electric vehicles manufacturer Lucid Motors is going public

Lucid Motors, the luxury electric vehicles manufacturer is near to close a deal to go public through a merger with a blank-check company started by investment banker Michael Klein, and the deal could be announced early this week, according to people familiar with the matter as Bloomberg said.

The familiar people with the matter said that the combined entity is expected to be valued at $15 billion, and this made the shares of the special purpose acquisition company (Churchill Capital Corp IV) surge 21% to $64 in premarket trading on Monday.

This deal is expected to raise between $1 billion and $1.5 billion from institutional investors to support the transaction, the people added.

Lucid Motors inaugurated a new factory in Arizona in December 2020, and it is ready to start the production of electric vehicles of the brand, projecting the delivery of 400 thousand vehicles a year – a giant leap for an automaker that, 10 years ago, was solding electric batteries.

The company, founded in 2007, now has a majority shareholder in the Public Investment Fund (PIF) of Saudi Arabia, with total assets estimated at US $ 382 billion. In its portfolio there are approximately 200 investments – including Lucid Motors.

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