Churchill Capital IV today adjourned its stockholder meeting to allow more time for a vote on the final required proposal for its business combination with Lucid Motors. The merger itself was approved.
The SPAC said it received “overwhelming support” for the business combination with Lucid, including over 97% of votes cast for the proposal to approve the deal, led by existing core Churchill IV stockholders.
However, given the higher required threshold for the proposal to adopt the post-closing company’s certificate of incorporation, which is a condition to closing the business combination, and the large number of new investors and new online trading platforms, the SPAc saaid it still needs additional votes to obtain approval for that proposal by a majority of its outstanding shares. As a result, the meeting has been adjourned to obtain the required votes.
The meeting is epxected to reconvene on Friday. Read more.
