Lucid Motors to become one of the biggest EV stocks as it goes public on Monday
- Lucid Motors merged with Churchill Capital Corp IV (SPAC) to go public.
- Shares of the company will list on Nasdaq under the ticker symbol LCID.
- CEO Peter Rawlinson discusses SPAC merger on CNBC's "Squawk Box".
Lucid Motors merged with the blank check company Churchill Capital Corp IV (CCIV) on Friday to list its shares on the Nasdaq Stock Exchange under the ticker symbol LCID. The American electric vehicle manufacturer is now set to debut on the stock exchange today.
CCIV is backed by a veteran investment banker, Michael Klein. Retail investors pushed shares of the special purpose acquisition company (SPAC) up almost six-fold in February when talks first emerged that it will buy Lucid Motors.
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Peer Tesla Inc is set to report its quarterly financial results on Monday.
CEO Peter Rawlinson’s comments on CNBC’s “Squawk Box”
The retail investors voted in favour of the SPAC merger on Friday. On CNBC’s “Squawk Box”, Lucid CEO Peter Rawlinson said:
“Lucid attracted such great interest from the retail sector from around the world. There’s a great following for our mission. We got a resounding percentage of positive votes. It was just a matter of getting the word out to the retail sector. On top of that, we do have a very illustrious roster of blue-chip institutional investors. And I think it’s the testament to the appeal of our products and our technology that we have enjoyed that position.”
Details of the SPAC merger
The SPAC merger values Lucid Motors at roughly $24 billion, making it one of the biggest new EV stocks. The transaction is expected to raise close to $4.4 billion in cash, including $1.0 billion from Saudi Arabia’s Public Investment Fund that will have a 60% ownership stake in the Newark-based firm after it goes public, as per the Wall Street Journal.
According to Rawlinson, preorders for Lucid Air currently stand at close to 11,000 and are “growing daily”. The $4.4 billion, the CEO added, will be directed towards accelerating factories to meet the uptick in demand.