Lucid only started talking with Churchill Capital IV after the initial report was published. 22, Lucid had direct discussions with five SPACs, none of which were Churchill Capital IV. Subsequent to the Bloomberg article, Churchill began exploring a possible business combination with Lucid due to its interest in the electric vehicle industry, as well as Churchill's familiarity with Lucid's Chairman, Andrew Liveris, who is an operating partner of the Sponsor.Ä«etween December 2020 and Jan. However, at the time the article was published, Churchill and Lucid had not had any discussions with respect to a potential business combination. On January 11, 2021, Bloomberg published an article stating that Churchill was in discussions to acquire Lucid. When Bloomberg published its fateful report, Lucid and Churchill had not had any talks whatsoever, according to the filing (emphasis added): Churchill Capital IV was not one of them. In December 2020, Lucid CEO Peter Rawlinson started meeting with various SPACs to discuss potential merger deals. That could have entailed a private placement, a traditional IPO, or a SPAC merger. Lucid tapped Citigroup as a financial advisor in September 2020 to explore the possibility of raising capital, according to the filing. That often includes background information, such as a timeline of events leading up to a definitive agreement. The form generally provides additional information regarding proposed mergers and acquisitions. This week, Churchill Capital IV filed its S-4 form related to the Lucid deal with the SEC. Here's the thing: Bloomberg got it wrong. Lucid has been one of the most promising private electric vehicle (EV) start-ups in recent years, and the report immediately sparked massive investor interest, particularly compared to the previous rumor that Churchill Capital IV was interested in buying a piece of DIRECTV from AT&T. 11 that said the two companies were in talks for a potential deal to take Lucid public. It all started when Bloomberg published a report on Jan. Lucid Motors and its upcoming merger with special-purpose acquisition company (SPAC) Churchill Capital IV ( CCIV) has been an epic saga over the past couple of months.
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