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It was decided to trade the shares of “Lucid Motors” on the Nasdaq Stock Exchange today, Monday, after approval of the company’s merger with the company Blank Check in the second attempt was issued on Friday.
Lucid Motors and Churchill Capital announced the deal in February, an investment of approximately $ 4.5 billion in financing for Lucid.
Churchill Capital Corp. IV of the United States hopes to start selling the Lucid Air, a luxury electric sedan manufactured at the Lucid, Arizona plant, in the second half of this year.
In turn, “Lucid” said in a statement: “The company was forced to extend the vote on the merger to Friday from Thursday after calling very specific technical factors related to the revision of its charter and its financing, a proposal that requires votes. “
The company said the merger itself was approved by more than 99% of shareholders.
The deal values the new entity at $ 36 billion, of which the Saudi Public Investment Fund will hold 60%.
The investment fund made $ 20 billion in profits compared to its $ 2.9 billion investment, the Wall Street Journal reported.
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