One of the most talked about SPAC deals and electric vehicle stories could also be the highlight of the coming trading week, with a deal announcement nearing the finish line.
What Happened: Lucid Motors, rumored to be landing a SPAC deal with Churchill Capital Corp IV CCIV since January, is close to a deal, according to Bloomberg.
The report says the valuation would be $15 billion for Lucid Motors, up from $12 billion reported last week.
Churchill Capital is said to be raising an additional $1 billion to $1.5 billion to finance the merger.
The $15 billion valuation would be based on the original $10 offering price of CCIV shares.
Sources told Bloomberg a deal could be announced on Tuesday.
Related Link: Michael Klein Raises $1.6B With 6th And 7th SPACs, CCIV Continues To Rise
Why It’s Important: Shares of Churchill Capital Corp IV have soared on the rumors. Several appearances by Lucid Motors executives on CNBC have led to spikes in the share price of CCIV.
The $15 valuation of Lucid Motors could make this one of the largest SPAC deals in history, potentially beating last year’s UWM Holdings UWMC merger, valued at $16 billion.
Price Action: Shares of Churchill Capital Corp IV were down 9% on Friday to close the week at $52.94.
See also: How to Invest in SPACs
Disclosure: Author is long shares of CCIV.
Photo courtesy Lucid Motors.
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