Lucid Motors' debut on the stock exchange is in jeopardy
Lucid Motors' debut on the stock exchange is in jeopardy
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Lucid Motors' exit to the stock exchange
Electric car maker Lucid Motors was about to go public on the New York Stock Exchange through a merger with SPAC company Churchill Capital Corp IV. However, some of Churchill Capital's shareholders declined to vote, Bloomberg writes.
A meeting of the company's shareholders had been scheduled for July 22. At it, security holders had to approve the deal or vote against the merger of Lucid Motors with Churchill Capital Corp IV. But some SPAC shareholders ignored the meeting. As a result, it was postponed to today, July 23, and this has delayed Lucid Motors' debut on the stock exchange.
"The company still needs additional votes to get this proposal approved by a majority of shareholders," Churchill said in a statement.
The merger plans were announced by the companies in February. The deal could be the electric car maker's largest listing on the stock exchange through SPAC. It would give Lucid Motors $4.4 billion in cash from Churchill. The value of the combined company is estimated at $24bn.
Lucid is a direct competitor to Tesla (NASDAQ:TSLA), but so far the company is only operating in the premium segment. The startup is set to begin production and first deliveries of its Lucid Air vehicles in North America by the end of the year. The company expects to deliver 20,000 vehicles in 2022, rising to 251,000 by 2026.
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