FinancialBuzz.com’s latest The Buzz Show: Featuring Our Corporate News Recap on “Churchill Capital Corp IV Plummets Amid Merger Agreement with Lucid Motors”
Churchill Capital Corp IV (NYSE: CCIV) dropped 39% in premarket trading after the company announced its definitive merger agreement with Lucid Motors.
Churchill, the special-purpose acquisition company, and Lucid are combining at a transaction equity value of $11.75 billion.
Headquartered in the heart of Silicon Valley in Newark, California, Lucid has benefitted enormously from California’s forward-thinking, innovation-centered business environment. Lucid’s management looks forward to continuing to operate from its California headquarters as a public company. This transaction will also support further expansion of Lucid’s direct-to-consumer retail model and Studio and Service Center locations. Currently, Lucid has 6 Studios open across the U.S. and additional sites under construction, a footprint that is scheduled to grow significantly throughout 2021. Sales expansion is planned for international markets including Europe and Middle East during 2022, and Asia Pacific thereafter.
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