BRIEF-Lucid Motors To Go Public In Merger With Churchill Capital Corp IV

Reuters2021-02-23

Feb 22 (Reuters) - Churchill Capital IV Corp :

* LUCID MOTORS TO GO PUBLIC IN MERGER WITH CHURCHILL CAPITAL CORP IV, BOLSTERING LUCID'S VISION TO REDEFINE LUXURY, PERFORMANCE AND EFFICIENCY IN THE SUSTAINABLE ELECTRIC VEHICLE MARKET

* CHURCHILL CAPITAL IV CORP - CCIV AND LUCID ARE COMBINING AT A TRANSACTION EQUITY VALUE OF $11.75 BILLION

* CHURCHILL CAPITAL IV CORP - PETER RAWLINSON WILL CONTINUE TO LEAD LUCID AS CEO AND CTO

* CHURCHILL CAPITAL IV CORP - LUCID CURRENTLY EMPLOYS NEARLY 2,000 PEOPLE, WITH 3,000 EMPLOYEES EXPECTED TO BE ADDED IN U.S. DOMESTICALLY BY END OF 2022

* CHURCHILL CAPITAL IV CORP - TRANSACTION INCLUDES AN APPROXIMATELY $2.1 BILLION CASH CONTRIBUTION BY CCIV

* CHURCHILL CAPITAL IV CORP - TOTAL INVESTMENT OF APPROXIMATELY $4.6 BILLION IS BEING FUNDED BY CCIV'S APPROXIMATELY $2.1 BILLION IN CASH

* CHURCHILL CAPITAL IV CORP - TOTAL INVESTMENT OF APPROXIMATELY $4.6 BILLION IS BEING FUNDED BY $2.5 BILLION FULLY COMMITTED PIPE AT $15.00 PER SHARE

* CHURCHILL CAPITAL IV - DEAL INCLUDES A $2.5 BILLION, FULLY COMMITTED PIPE WITH AN INVESTOR LOCK-UP PROVISION THAT BINDS HOLDERS WELL BEYOND CLOSING

* CHURCHILL CAPITAL IV CORP - PIPE INVESTMENT ANCHORED BY PUBLIC INVESTMENT FUND

* CHURCHILL CAPITAL IV CORP - PIPE IS PRICED AT $15.00 PER SHARE WITH AN IMPLIED PRO FORMA EQUITY VALUE OF $24 BILLION

* CHURCHILL CAPITAL IV - CHURCHILL'S SPONSOR ENTERED AGREEMENT TO AMEND TERMS OF FOUNDER EQUITY TO ALIGN WITH LONG-TERM VALUE CREATION, PERFORMANCE OF LUCID

* CHURCHILL CAPITAL IV - NONE OF LUCID'S EXISTING INVESTORS WILL SELL STOCK IN DEAL & ARE SUBJECT TO A SIX-MONTH LOCK UP FOR SHARES THEY RECEIVE IN DEAL

* CHURCHILL CAPITAL IV CORP - CHURCHILL'S SPONSOR HAS AGREED NOT TO TRANSFER ITS FOUNDER EQUITY FOR 18 MONTHS AFTER CLOSING OF TRANSACTION

* CHURCHILL CAPITAL IV CORP - LUCID CURRENTLY HAS NO INDEBTEDNESS

* CHURCHILL CAPITAL IV - BOARD OF CHURCHILL, SPECIAL TRANSACTION COMMITTEE OF BOARD OF LUCID HAVE UNANIMOUSLY APPROVED PROPOSED TRANSACTION

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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  • mcwood
    2021-02-23
    mcwood
    Marriage
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