- Lucid's mission is to inspire the adoption of sustainable transportation by creating the most captivating luxury electric vehicles centered around the human experience
- Transaction provides additional growth capital as Lucid brings the over 500-mile range Lucid Air luxury electric sedan to market and expands rapidly to offer a broad range of electric vehicle products powered by Lucid's proprietary electric powertrain technology
- CCIV and Lucid are combining at a transaction equity value of $11.75 billion
- The transaction includes an approximately $2.1 billion cash contribution by CCIV and a $2.5 billion, fully committed PIPE with an investor lock-up provision that binds holders well beyond closing. The PIPE is priced at $15.00 per share (a 50% premium to CCIV's net asset value) with an implied pro forma equity value of $24 billion
- PIPE investment anchored by the Public Investment Fund (PIF) as well as funds and accounts managed by BlackRock, Fidelity Management & Research LLC, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital Management, LLC
- This transaction includes the largest ever SPAC-related common stock PIPE
- Peter Rawlinson will continue to lead Lucid as CEO and CTO
- Lucid currently employs nearly 2,000 people, with 3,000 employees expected to be added in the U.S. domestically by the end of 2022
PR Newswire
NEWARK, Calif. and NEW YORK, Feb. 22, 2021
