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.
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...
Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...