Churchill Capital IV announced today that its stockholders voted to approve the proposals required to complete the merger with EV startup Lucid Motors.
All of the proposals related to the business combination “received overwhelming support” the SPAC said in a statement, noting that 98% of votes were in favor of the deal, which values the combined enterprise at $11.75 billion.
The business combination is expected to close today.
The SPAC said yesterday it adjourned the meeting to allow more time for a vote on the final required proposal. The merger itself was approved at the initial meeting.
However, given the higher required vote 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 said it would need additional votes.
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.
Lucid Group shares and warrants are expoected to begin trading July 26 on the Nasdaq under LCID and LCIDW. Read more.