Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein’s blank-check acquisition firm launched a financing effort to back the transaction, people familiar with the matter told Reuters.
The merger between Lucid and Klein’s Churchill Capital IV would be the biggest of all deals by electric vehicle makers such as Nikola and Fisker that have gone public by combining with SPACs.
Churchill IV has initiated talks with investors to raise more than $1 billion by selling shares in a PIPE transaction for the deal. The size of the PIPE could reach $1.5 billion or more based on investor demand, sources told Reuters. Read more.
