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Lucid Motors’ shares are expected to trade on the Nasdaq stock exchange on Monday after the company’s merger with the blank check company was approved in a second attempt on Friday.
Lucid Motors and Churchill Capital announced the deal in February, an investment of approximately $ 4.5 billion in financing for Lucid.
The American company Churchill Capital Corp. IV hopes to start selling the Lucid Air, a luxury electric sedan manufactured at the Lucid’s plant in Arizona, in the second half of this year.
In turn, Lucid said in a statement that the company is due to extend the merger vote to Friday from Thursday after what it called “very specific technical factors” related to its charter review and its financing, a proposal that requires additional votes.
The company said the merger itself was approved by more than 99% of shareholders.
The Saudi Public Investment Fund will own more than 60% of Lucid, making a profit of nearly $ 20 billion on its $ 2.9 billion investment in Lucid, according to expected stock price estimates.
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