Lucid Motors stock to start trading Monday

MarketWatch2021-07-26

Lucid Motors shares are set to trade on the Nasdaq Monday after the company’s merger with a blank-check company was approved on a second try Friday.

Lucid Motors and Churchill Capital Corp. IV CCIV, 3.93%, a special-purpose acquisition company, or SPAC,announced the deal in February,an investment of about $4.5 billion in funding to Lucid. The stock is expected to trade under the symbol LCID.

The Newark, Calif., company hopes to start selling its Lucid Air, a luxury electric sedan built at Lucid’s factory in Arizona, in the second half of this year.

The company had to extend the merger vote to Friday from Thursday after what it called “very specific technical factors” relating to revising its charter and the financing, a proposal that needed additional votes, Lucid said in a filing.

The merger itself was approved by more than 99% of the shareholders, the company said.

Earlier this week, EV maker Faraday Future Intelligent Electric Inc.’s sharesdebuted on the Nasdaq this weekafter the completion of a merger with a SPAC. EV maker Fisker Inc. took the same road last year.

A Saudi Arabian investment fund will own over 60% of Lucid,booking a profit of nearly $20 billion on its $2.9 billion investment in Lucid.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Messylove
    2021-07-26
    Messylove
    Hmm?
  • Derlin
    2021-07-26
    Derlin
    Good
  • Samwich
    2021-07-26
    Samwich
    Ok
  • BillyWu
    2021-07-25
    BillyWu
    I hope the Saudi Fund kick the shorters ass. 
  • Nicholwong
    2021-07-24
    Nicholwong
    Err can someone explain to me…. So there will be lucid stock by Monday what would happen to the current cciv stock????
    • Nicholwong: 
      Uhhh ok i wIll take a look out on that thanks
    • yx112: 
      and depending on the agreement of both companies, u may/may not get the same amount of shares when u bought it as CCIV.
    • edgewayne: 

      the Stock CCIV will be renamed to LCID



    • Nicholwong: 
      Orhhh thanks
Leave a comment
5