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Lucid SPAC Gives Up Some of Giant Gain After Pact Confirmed

  • EV maker to combine with by ex-Citi banker’s blank-check firm
  • Lucid latest beneficiary from wave of investment targeting EVs
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Lucid CEO Peter Rawlinson says production of its debut car will be delayed until the second half of this year.Source: Bloomberg)
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Shares of the blank-check firm combining with electric-vehicle startup Lucid Motors Inc. plunged in U.S. trading after confirming the biggest SPAC merger yet to cash in on investor enthusiasm for battery-powered cars.

Churchill Capital Corp IV, the special-purpose acquisition company run by financier Michael Klein, fell as much as 46% on Tuesday after confirming its merger with Lucid. The deal will generate about $4.4 billion in cash for the 14-year-old carmaker, which announced production of its debut model will be delayed to the second half of this year.