Sources close to Lucid Motors have just confirmed the words of a Bloomberg report published last week: the Californian firm, Tesla's big rival, is about to go public. the transaction completed, its valuation could reach 24 billion dollars.
Lucid Motors should certainly make the official announcement on Tuesday. A major operation, even before the marketing of its first electric car which is expected for the second quarter of this year.gira of a sedan, the Lucid Air , and its presentation in September 2020 had made noise until Tesla, attacked in the foreground with its Model S .
An American brand, supported by Saudi Arabia
The one that could present itself as a startup nevertheless belongs Saudi Arabia's sovereign wealth fund, which had injected a billion dollars in 2018. Two years ago, rumors had suggested that the company was going to be bought by Ford. By listing on Wall Street, Lucid Motors is expected to raise more than $ 2.5 billion in a funding round that includes Saudi Arabia, but also BlackRock and Fidelity Management.
$ 2.1 billion Additional pocket of Churchill Capital Corp IV are also predicted, for a total of 4.6 miLliards of dollars raised during the operation. This company founded by Michael Klein (an investor who had previously worked on the Saudi Aramco IPO) should merge with Lucid Motors, as the automaker has chosen the path of a SPAC to go public as quickly and simply possible.
Lucid Motors on the stock exchange, through a SPAC
Last year, PSPCs accounted for the majority of US IPOs. Their surge is undeniable, with 63% of the $ 77 billion raised in operations in 2020, according to data from Bloomberg.
These “blank check” companies, as they are commonly called, are companies that do not own any assetsno income, just waiting to merge with a real company eager to win the stock markets. They are called special purpose acquisition companies, or SPAC (Special Purpose Acquisition Company).
For Lucid Motors, therefore, it will most certainly be Churchill Capital Corp IV, whose share price was rising 8.37% Monday February 22, while the official announcement has not yet been made. Its SPAC was launched earlier - in September 2020 - before reaching $ 15 billion in capitalization during these first two months of 2021.
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