- Electric car company Lucid Motors announced that they will merge with SPAC Churchill Capital Corp IV, valued at $11.75 billion
- The merger will make Lucid Motors a public company and also comes with a $2.5 billion PIPE at $15 per share. The deal is expected to close Q2 2021.
- Citi is the financial advisor to Lucid Motors. BofA Securities and Guggenheim Securities are the M&A advisors to Churchill Capital, with Guggenheim also providing a fairness opinion.
- The $2.5 billion PIPE is the largest ever SPAC-related common stock PIPE.
Chynna Lewis – Researcher