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– Lucid common stock will begin trading on the Nasdaq on July 26, 2021 under the ticker symbol “LCID”
– The transaction includes approximately $ 4.4 billion in growth capital as Lucid markets the revolutionary Lucid Air luxury electric sedan and expands
– Peter Rawlinson will continue to lead Lucid as CEO and CTO
NEWARK, Calif. and NEW YORK, July 23, 2021 / PRNewswire / – Churchill Capital Corp IV (“Churchill IV” or “CCIV”) (NYSE: CCIV), a publicly traded special purpose acquisition company, and Lucid Motors today announced the completion of their combination of ‘companies, going public with a company that is setting new standards with its advanced luxury electric vehicles.
Churchill IV, whose common shares, warrants and units are currently listed on the New York Stock Exchange (the “NYSE”), will be delisted from the NYSE. The common shares and warrants of the post-merger company, renamed Lucid Group, Inc. (“Lucid”), will be listed on the Nasdaq Stock Market LLC (“Nasdaq”) as of July 26, 2021 under the ticker symbols “LCID” and “LCIDW”, respectively. Units will no longer be traded separately.
Peter Rawlinson, CEO and CTO of Lucid, said, “We are delighted to finalize our business combination with Churchill IV and become a public company. Lucid has further increased its momentum as we prepare to make the first customer deliveries of our Lucid Air line of electrical products. sedans later this year. We are making significant investments in the long-term growth and innovation of our business, and we will continue to use world-class technology to positively impact humanity’s transition to sustainable mobility. I want to thank Michael and the Churchill team for their partnership and shared vision. “
Michael klein, President and CEO of Churchill IV, said: “By bringing together a highly talented management team, a strong independent board of directors and undertaking a complete overhaul of electric vehicles, Lucid has built an incredible electric vehicle with a superior, race-proven technology. excited to make this combination and our significant investment in Lucid as it disrupts the electric vehicle market, continues to create great jobs for thousands of people in the United States, and advances sustainable mobility for the benefit of the planet. I am confident that Lucid will continue to be a committed steward of the environment and a steadfast supporter of the communities in which it operates while delivering attractive returns and ensuring strong governance for its shareholders. Churchill Capital is pleased to partner with Lucid, introducing the company to the public markets, providing the unprecedented capital to finance the launch of its extraordinary line of vehicles and is committed to making the company a premier automotive and energy company. plan. “
As previously announced, Peter Rawlinson will continue to lead Lucid along with the rest of the company’s seasoned leadership team. Churchill IV’s management team and group of operating partners will actively facilitate introductions and key relationships and provide product, design and industry information.
Deliveries to customers of the Lucid Air line of high-performance luxury electric vehicles are expected to begin later this year. The entire lineup includes luxury electric sedans that are expected to be capable of developing up to 1080 horsepower, quarter-mile times as low as 9.9 seconds, and up to 500+ miles of range on a single charge, making Lucid Air the new standard for electric vehicle performance and efficiency.
About Lucid Motors
Lucid’s mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered on the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-Inspired design backed by race proven technology. Featuring luxurious interior space in a mid-size exterior footprint, select Air models are expected to be capable of a projected EPA range of over 500 miles. Lucid Air is produced in Lucid’s new factory in Big house, Arizona, and deliveries to customers are expected to begin in the second half of 2021.
About Churchill Capital Corp IV
Churchill Capital Corp IV was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies.
Brands
This communication contains trademarks, service marks, trade names and copyrights of Lucid, CCIV and other companies, which are the property of their respective owners.
Forward-looking statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate”, “plan “,” Plan “,” foresee “,” intend “,” want “,” expect “,” anticipate “,” believe “,” seek “,” target “,” continue “,” could “,” may, “” could “,” possible “,” potential “,” predict “or other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements include, without limitation, statements regarding the expectations and timing of commercial product launches, including the commencement of production and launch of the Lucid Air and any future products, performance, lineup and other features of Lucid Air, future manufacturing capabilities and facilities, and the potential success of Lucid’s go-to-market strategy and expectation of the benefits of the proposed transactions. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the management of Lucid and CCIV and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to serve as a definitive statement of fact or likelihood. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many real events and circumstances are beyond the control of Lucid and CCIV. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; ; the outcome of any legal proceedings that have been or may be brought against Lucid or the CCIV; failure to realize the expected benefits of transactions; risks associated with the timing of expected commercial milestones and commercial launch, including Lucid’s ability to mass-produce Lucid Air and complete tooling at its manufacturing plant; risks associated with the expansion of Lucid’s manufacturing facility and increased production capacity at Lucid; risks associated with future market adoption of Lucid’s offerings; the effects of competition and the pace and depth of electric vehicle adoption in general on Lucid’s future business; changes in regulatory requirements, government incentives, and fuel and energy prices; Lucid’s ability to innovate quickly; Lucid’s ability to provide EPA estimated autonomies that meet or exceed its projected pre-production autonomies; future changes to vehicle specifications that may affect performance, pricing and other expectations; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology suppliers; Lucid’s ability to effectively manage its growth and recruit and retain key employees, including its CEO and management team; Lucid’s ability to establish its brand and capture additional market share, and the risks associated with negative press or damage to reputation; Lucid’s ability to manage expenses; the outcome of any potential litigation, government and regulatory proceedings, investigation and investigation; and the impact of the global COVID-19 pandemic on Lucid, CCIV, the combined company’s projected operating results, financial performance or other financial metrics, or any of the aforementioned risks; and the factors discussed under the heading “Risk Factors” in the registration statement and annual report of CCIV on Form 10-K / A for the financial year ended December 31, 2020, as well as other CCIV or Lucid documents filed or to be filed with the SEC. If any of these risks materialize or if our assumptions prove to be incorrect, actual results could differ materially from the results suggested by these forward-looking statements. There may be additional risks that neither Lucid nor CCIV are currently aware of or that Lucid and CCIV currently consider to be insignificant, which could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect Lucid’s and CCIV’s expectations, plans or forecasts regarding future events and views as of the date of this communication. Lucid and CCIV anticipate that subsequent events and developments will cause the ratings of Lucid and CCIV to change. However, while Lucid and CCIV may choose to update these forward-looking statements at some time in the future, Lucid and CCIV specifically disclaim any obligation to do so. These forward-looking statements should not be taken as representing the assessments of Lucid and CCIV as of a date subsequent to the date of this communication. Therefore, one should not place undue reliance on forward-looking statements.
Contacts:
For Lucid Motors, Inc .:
[email protected]
[email protected]
For the Brunswick group:
[email protected]
For Churchill Capital Corp IV:
Steve Lipin / Lauren Odell / Christina Stenson
Gladstone Place Partners
(212) 230-5930
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SOURCE Churchill Capital Corp IV
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