![]() Many companies have chosen to go public over the past year through SPACs instead of traditional IPOs, which typically invite more scrutiny from both investors and regulators. Tesla, the most valuable automaker in the world by market capitalization, sells the Model S, an electric luxury sedan that starts at $73,990, with long-range variants also having a range of just over 500 miles.ĬCIV is a special purpose acquisition company, or SPAC, which is a shell corporation that has the sole purpose of buying or merging with a private company in order to take it public without a traditional initial public offering. Peter Rawlinson, the CEO of Lucid, helped develop the Model S sedan while working at Tesla from 2009 to 2012. Lucid is trying to compete directly with Tesla. The transaction will be used to expand Lucid’s Arizona factory, the company said, which it eventually expects to be capable of producing 365,000 vehicles a year. The deal left the company with a market capitalization of $9.17 billion, as of this writing, and will give more than $4 billion in cash to Lucid Motors. ![]() (Photo by Michael Loccisano/Getty Images) Michael Loccisano/Getty ImagesĬelebs including A-Rod and Ciara are getting into SPACs. Sarah Smith is a Web Content Producer with YORK, NY - MAY 08: Sports commentator and former professional baseball player Alex Rodriguez takes part in a panel during WSJ's The Future of Everything Festival at Spring Studios on in New York City. 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.
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