![]() Michael Klein is the founder, Chairman, CEO and director of Churchill IV. Klein and Company, an investment firm of which Michael Klein is the founder and managing partner. The Churchill SPAC entities were sponsored by M. If the name Churchill Capital Acquisition Corporation sounds familiar, it is because one its related predecessor SPAC entities, Churchill Capital Acquisition Corporation III, is enmeshed in both federal court securities class action litigation (refer here) and state court breach of fiduciary duty litigation ( here) relating to its merger with MultiPlan Corporation. Interested? Read on.Ĭhurchill Capital Acquisition Corporation IV (Churchill IV), is a special purpose acquisition corporation (SPAC) that was formed in April 2020 and that completed an IPO on July 30, 2020. And, mind you, this is not your garden variety merger objection lawsuit, it is a full blown 10b-5 class action lawsuit. What makes this one different is that, though the lawsuit names both the SPAC and the SPAC merger target company as defendants, the merger, though announced, has not yet even taken place. Even readers who think they get the idea already will want to be sure to take a look at the new SPAC-related lawsuit that came in earlier this week. ![]() Sarah Smith is a Web Content Producer with of this blog know that there have been several SPAC-related securities class action lawsuits filed in 2021, with the suits mostly coming in after the de-SPAC transaction has been completed. On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. Confirmation of the deal could send CCIV stock soaring once more. Keep CCIV stock and the potential Lucid Motors SPAC merger on your radar. More accessible versions of the Air and an electric SUV will start working their way through the pipeline in 2022. Investors should note that the all-electric Air EV will retail for $69,000 and can do 500 miles on a single charge. This means EV bulls can see CCIV stock as a potentially less risky way to dive into new offerings. Unlike Nikola and Fisker that came public with design plans and a few promised vehicles, Lucid is already preparing to start deliveries. It is also farther along in the vehicle development process. Right now, Lucid has quite a bit of institutional backing. ![]() However, Lucid stands out from the crowd in more ways than one. Now, a handful of deals are still in the works, including United Kingdom startup Arrival. Nikola (NASDAQ: NKLA) and Fisker (NYSE: FSR) led the way earlier in 2020. Importantly, Lucid Motors is far from the first electric vehicle maker to come public via a reverse merger. Following the Bloomberg report, CCIV shares are up more than 30% with just minutes left in the trading day. So what should you make of CCIV stock and the potential Lucid Motors SPAC merger? From a quick glance at the stock market, it appears many investors are thrilled. Investors should also note that a Saudi Arabian wealth fund is a large Lucid Motors backer.ĬCIV Stock and the Lucid Motors SPAC Merger.Lucid plans to begin deliveries of an electric sedan during Q2.CEO Peter Rawlinson was previously responsible for developing the Model S with Tesla (NASDAQ: TSLA).Lucid Motors focuses on the luxury segment of the passenger EV market.Importantly, such a deal could be worth as much as $15 billion.With all of this in mind, Bloomberg reported today that Lucid Motors is in talks to come public via CCIV.However, it appears those talks have stalled out. At one point, the blank-check company was working to acquire a stake in DirecTV.Investors should know that previous Churchill SPACs are responsible for bringing MultiPlan (NYSE: MLPN) and Clarivate (NYSE: CCC) public.Instead, Klein said the blank-check company would look for long-term growth prospects and attractive competitive dynamics. Additionally, CCIV stock did not have a specific acquisition focus.At the time, it raised $1.8 billion by offering 180 million units at $10 each.CCIV stock first came public in July 2020.For unfamiliar investors, Klein is a well-known dealmaker and former Citigroup (NYSE: C) executive.Churchill Capital IV, the blank-check company in question, is the fourth such SPAC from Klein.With that in mind, here is what you should know about CCIV stock and the Lucid Motors SPAC merger: Churchill Capital is a blank-check company under the leadership of Michael Klein. To start, investors should know that Lucid Motors is an electric vehicle play with a luxury focus.
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