Lucid made his PSPC deal after pleading with Robinhood traders to vote

Lucid Motors, Tesla’s challenger who spent the summer pleading his case, becomes public through the SPAC merger. The deal was due to be approved by shareholders on Thursday, except few of them showed up, which led to Lucid CEO Peter Rawlinson. at one point, urging, “Whether you are a Robinhood trader or manage through a traditional brokerage house, please vote. “

The deal was finally made on Friday and Lucid will merge with Blank Check Firm

Either way, Lucid is merging with the Churchill Capital IV blank check company, Bloomberg Reports. It’this is a fun example of what can happen when SPACs and retail investors to mix together. Because traditionally the kind of people who own stocks are the kind of people who can vote at shareholder meetings. With the rise of commission-free trading and pandemic boredom, many investors are not of this kind; this particular situation was also complicated by kind of a problem with a spam filter.

Here’s the scene Thursday via Techcrunch:

Churchill chairman Michael Klein raised the possibility that some of the emails sent to shareholders were accidentally sent to voter spam folders. While it may seem incredible that something as rudimentary as a Gmail spam filter could interrupt a multi-billion dollar business merger, it looks like it could have happened in this case.

“We just need more votes,” Klein said on an investor call Thursday. Lucid Motors CEO Peter Rawlinson was also blunt: “I need you to vote for proposal two.”

“We recognize that for many of you this voting process may be new or non-standard,” Klein continued. He then thanked the many individual shareholders but urged those “participating from new platforms, new applications” to vote. “They may not necessarily direct you clearly to the voting service.”

As a reminder, the goal of all this is to mass produce an electric car, and rather nice. I also tend not to put a lot of stock (no pun intended) into these side shows, as Lucid will live or die depending on his ability to develop and sell his product, ultimately. But a guy begging people for “new apps” to help make this PSPC merger a bit too much on the nose for 2021. I’m sure Redditors are confident they can use all of this to their advantage. one way or another.