![]() Speculation over an agreement had been circulating for more than a month prompting previous spikes in CCIV stock. The deal has a transaction equity value of $11.75 billion which includes a cash contribution from CCIV of $2.1 billion, and a PIPE investment of $2.5 billion with a lock-up provision that “binds holders well beyond closing.” It will provide the electric vehicle company with approximately $4.4 billion in cash. The transaction, announced on Monday evening, values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE (private investment in public equity) offer price of $15.00 per share. ET, though coming off their session lows. Shares of Churchill Capital were down around 25% at 10:45 a.m. ![]() Janet S.Lucid Motors and blank check company Churchill Capital IV ( CCIV) confirmed a merger deal to take the California-based EV company public. ![]()
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