Churchill Capital Corp. IV (NYSE:CCIV) announced in a press release this morning that its shareholders approved its combination with luxury electric vehicle company Lucid Motors along with all other proposals in a meeting held earlier this morning.
The meeting, originally set for yesterday, had to be extended until today to allow shareholders more time to vote on its 2nd proposal, which required a higher threshold number of voters to participate. The proposal called for an increased amount of authorized shares from 501 million shares to 15.01 billion.
All of the proposals related to the business combination received overwhelming support from shareholders that voted—approximately 98% of votes cast voted for the proposal to approve the transaction. CCIV traded above $24 through the day of its redemption deadline July 20 and is up 5.5% pre-market today.
The business combination is expected to close today, July 23, 2021. Churchill IV will delist from the NYSE and list its stock and warrants, to be renamed Lucid Group, Inc., on the Nasdaq under the ticker symbols “LCID” and “LCIDW”, respectively, beginning July 26, 2021. Churchill and Lucid Motors initially announced the $11.75 billion deal on February 23.
CCIV is Churchill’s founder Michael Klein’s fourth SPAC.
ADVISORS
- Citi is serving as sole financial advisor to Lucid.
- BofA Securities and Guggenheim Securities are serving as M&A advisors to Churchill.
- Guggenheim Securities rendered a fairness opinion to Churchill in connection with the proposed transaction.
- BofA Securities and Citi are serving as co-placement agents.
- Guggenheim Securities is serving as capital markets advisor to Churchill on the PIPE.
- Davis Polk & Wardwell LLP is serving as legal counsel to Lucid.
- Weil, Gotshal & Manges LLP is serving as legal counsel to Churchill.
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