Lucid Motors is going public in a major SPAC merger
Lucid Motors is going to become a publicly-traded company on the New York Stock Exchange in a deal that will leave the electric vehicle startup with $4.4 billion in cash. Specifically, Lucid Motors is merging with Churchill Capital Corp IV, which is already listed on the NYSE. The deal values Lucid Motors at $24 billion. Led by Peter Rawlinson, a former Tesla engineer who helped bring the Model S to life, Lucid Motors was founded way back in 2007 as Atieva. It was initially focused on battery technology, but ultimately pivoted into becoming an electric vehicle startup a few years ago.