Lucid SPAC gives up part of the huge profit after the pact is confirmed

(Bloomberg) – Shares in the Blankoscheck company combined with electric vehicle startup Lucid Motors Inc. fell into U.S. trading after confirming the largest SPAC amalgamation to capitalize on investor enthusiasm for battery-powered cars . Churchill Capital Corp IV, the specialty acquisitions firm led by financier Michael Klein, fell 46% Tuesday after confirming its merger with Lucid. The deal will generate around $ 4.4 billion in cash for the 14-year-old automaker, which has announced that production of its debut model will be postponed until the second half of this year. The slump follows a dramatic 472% rise in stocks since Bloomberg first reported on Jan. 11 that Lucid and Churchill were in talks. Lucid has shied away from comparisons with market leader Tesla Inc., but its listing with a pro forma share value of $ 24 billion positions it to compete for part of what is expected to quickly become a …

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