Luxury electric vehicle automaker, Lucid Motors, may be going public by as early as this month, according to sources speaking to Reuters.
Michael Klein and his Churchill Capital IV Corp. (CCIV) are set to merge with Lucid Motors, according to unnamed sources, reported Reuters on Tuesday.
Sources say Lucid and Klein have agreed on major terms of the deal, which could be announced as soon as this month. The deal would see Lucid Motors valued at $12 billion.
By combining with the special purpose acquisition company (SPACs), Lucid will set its eyes on an initial public offering (IPO) much faster.
Klein’s firm has started talks with investors to raise over $1 billion by selling shares in a private investment in public equity (PIPE) deal with Lucid, says sources.
Lucid Motors has a plant under construction in Arizona, backed by a $1 billion investment in 2018 by Saudi Arabia’s Public Investment Fund.
Shares of CCIV surged on the news, up nearly 32% for the day, closing at $52.70 USD per share.