Churchill Capital IV today announced that the SEC has declared effective the SPAC’s registration statement and proxy outlining the proposed combination with luxury EV maker Lucid Motors. Churchill IV stockholders are set to vote on the deal July 22.
The transaction carries an equity value of $11.75 billion.
The deal values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE offer price of $15 per share and will provide Lucid with approximately $4.4 billion in cash if no existing CCIV shares are redeemed at closing.
The transaction includes an approximately $2.1 billion cash contribution by the SPAC and a $2.5 billion fully committed PIPE with an investor lock-up provision that binds holders beyond the closing. The transaction includes the largest ever SPAC-related common stock PIPE, the companies said at the time of the merger announcement in February.
The PIPE is anchored by the Public Investment Fund as well as funds and accounts managed by BlackRock, Fidelity Management & Research, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management.
If the deal is approved, Churchill IV intends to delist from the NYSE and list the shares of common stock and warrants of Lucid Group on the Nasdaq under LCID and LCID.WS, respectively. Read more.