On Tuesday, Reuters reported that according to "people familiar with the matter," Churchill has begun talks with investors aimed at raising at least $1 billion in a type of financing called private investment in public equity (PIPE). ET by Ciara Linnane SPAC Churchill Capital … Subsequently, shares of Churchill Capital have jumped more than 300% as investors continue to target any news in the red hot EV market. Churchill Capital says it is making statement after inquires from shareholders, unusual trading in shares Jan. 19, 2021 at 8:40 a.m. Churchill would add this capital to the $2 billion it managed to raise in its IPO last July. According to the news agency, this could draw as much as $1.5 billion. Rumors swirling around Churchill Capital IV (NYSE: CCIV), a special purpose acquisition company (SPAC), suggest Lucid Motors might soon go public via a reverse-merger with CCIV stock. Churchill VII now plans to offer 100 million units at $10 each. The SPAC has seen its share price jump over 300% since rumors of the merger first became public on Jan 11. ©2021 Churchill Capital IV, All Rights Reserved. Churchill Capital VI priced its IPO of 48 million units at $10 per unit -- a 20 percent upsize from the 40 million untis the SPAC initially planned to offer. Rumors of a potential deal between the Michael Klein SPAC Churchill Capital IV and Lucid started back on Jan. 11 when Bloomberg first reported the two companies were in talks for a potential merger. According to Reuters, Lucid and Michael Klein have agreed on key terms of the deal, which could be announced as early as this month. If the merger goes through, Lucid will be one of the over 130 companies to go public via SPAC this year. The SPAC is led by CEO and Chairman Michael Klein, founder and managing partner of… These funds would be an additional boost to the $2 billion Churchill Capital IV raised from its IPO in July. Churchill Capital Corp IV (NYSE:CCIV) accelerated to close nearly 32% higher on Tuesday. Since then, the company has transitioned to a full-fledged EV manufacturer that focuses on luxury offerings. Find the latest Churchill Capital Corp IV (CCIV) stock quote, history, news and other vital information to help you with your stock trading and investing. Shares of Churchill Capital IV (NYSE:CCIV) jumped another 23% today, as of 2:30 p.m. EST. Commerce Policy | Churchill Capital Corp IV (CCIV) raised $1.8 billion in its July 2020 SPAC IPO. Returns as of 02/17/2021. Churchill Capital IV declined to comment on the deal, and Lucid Motors did not immediately respond to Reuters' request for comment. Read More: EXCLUSIVE: An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change. A report published by Bloomberg last month fueled speculation that such a transaction is imminent. Lucid rivals Nikola and Fisker both went public via mergers with SPACs in 2020, and while Fisker has posted strong gains, much of Nikola's gains have been erased as EV entrants are facing increasing competition. Continuing the success of our prior acquisition vehicle, Churchill Capital Corp II is a special purpose acquisition company (or SPAC) which raised $690 million in its IPO in June 2019 and is now listed on the New York Stock Exchange (NYSE: CCX.U). Churchill Capital III (NYSE: CCXX, NYSE: CCXXU) Pershing Square Tontine Holdings (NYSE: PSTH , NYSE: PSTHU ) SPAC IPOs: CF … Bloomberg reported Jan. 11 that Lucid was in talks to list via Michael Klein's SPAC Churchill. Each consists of one share of Class A common stock and one-fifth of one warrant. Churchill Capital Corp VII was founded in 2020 and plans to list on the NYSE under the symbol CVII.U. Cumulative Growth of a $10,000 Investment in Stock Advisor, Why Shares of Churchill Capital IV Zoomed 32% Higher Today @themotleyfool #stocks $CCIV $TSLA, special purpose acquisition company (SPAC), Here's Why Churchill Capital IV Stock Jumped Friday, Why Churchill Capital IV Stock Dropped Today, Why SPAC Churchill Capital IV's Stock Is Higher Today, Why Shares of Churchill Capital IV Are Down Today, Why Churchill Capital IV Stock Is Still Running Up, Copyright, Trademark and Patent Information. This would make Lucid Motors the largest SPAC deal in the recent wave of EV companies going public through this method. Citi, J.P. Morgan, Goldman Sachs and BofA Securities are the joint bookrunners on the deal. All rights reserved. It’s rumored to be in talks to merge with Tesla rival Lucid Motors. News that the special purpose acquisition company (SPAC) is pushing forward with its rumored merger with high-end electric vehicle (EV) maker Lucid Motors drove shares up. J.P. Morgan, Citi, Goldman Sachs, and BofA Securities are the joint bookrunners on the deal. Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. In July last year, healthcare services firm MultiPlan agreed to go public through Churchill Capital … Still, shares of CCIV responded positively to the news, trading up 32.44%, at $52.95, as of 3:56PM ET on Tuesday. Churchill's move to merge with Lucid Motors follows a long line of new EV entrants to the public markets over the past few years. Churchill Capital IV. Churchill Capital | Increased +51.44% Each whole… Some of Klein’s blank-check firms have already struck deals. Shares of special purpose acquisition company (SPAC) Churchill Capital IV (NYSE:CCIV) were trading higher on Friday. Churchill Capital Corp V comes on the heels of Klein's most recent SPAC, Churchill Capital Corp IV (CCIV; -1% from $10 offer price), which raised $1.8 billion in July. 76.4% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, EXCLUSIVE: An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change, GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months, Apple could soar 66% in bull-case scenario as it searches for a 'golden' partnership to build electric vehicles, Wedbush says », Almost 200 crypto firms applied to register in the UK over the last year as global interest in bitcoin boomed », Churchill Capital IV soars 33% after report says the SPAC is nearing a deal to take EV maker Lucid Motors public, CCIV Stock: The Report That Has Churchill Capital Shares Roaring Today, SPAC Churchill Capital IV stock spikes on report close to deal with Lucid Motors, Expect Churchill Capital IV Stock Volatility Until Clarity on SPAC Merger, 9 Meme Stocks That Social Media Won’t Shut Up About, 30 Stocks Moving In Friday's Mid-Day Session, Michael Klein raises $1.7B for new Churchill Capital SPACs as CCIV soars on possible Lucid deal. Churchill Capital Corp VII was founded in 2020 and plans to list on the NYSE, but has not selected a symbol (RC ticker: CVIIU.RC). Klein, a former Citigroup banker, is one of the most prolific SPAC backers. According to Reuters, assuming the financing round is successful and Churchill and Lucid merge, the combined entity would be valued at around $12 billion. Churchill Capital Corp. IV (CCIVU) On July 14, Renaissance Capital, a company dedicated to … Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Lucid also boasts a Casa Grande, Arizona factory that will eventually produce 400,000 vehicles annually, according to the company. Plus500. The SPAC has seen its share price jump over 300% since … Word on the street is that these funds will be used to buy Lucid, which would then be folded into the SPAC to create a publicly traded version of the carmaker. web design new york Lucid’s possible SPAC merger with Churchill Capital IV is all but confirmed after the fund’s stock spiked during Tuesday trading hours. Churchill Capital Corp IV (NYSE:CCIV) accelerated to close nearly 32% higher on Tuesday. Stock quotes by finanzen.net. © 2021 Insider Inc. and finanzen.net GmbH (Imprint). The new company aims to combine with a business has a capable management team that could benefit from the SPAC’s expertise. Churchill Capital VII in an amended S-1 filing more than tripled its deal size to $1 billion -- up from the initial filing last month to raise $300 million. On July 12, Churchill Capital III agreed to merge with MultiPlan, a large software provider for health insurance companies. While some of these SPAC entries have paid off for investors, others haven't been as fruitful. IPO date: July 29, 2020. The deal value is at an enterprise value of $11 billion. If and when it hits the market, Lucid Motors could become a high-profile stock, thanks to Air, its line of sedans that competes directly with Tesla Motors' (NASDAQ:TSLA) Model S. Stock Advisor launched in February of 2002. … The article Michael Klein's SPAC Churchill Capital Corp VI prices upsized $480 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com. Before 2020, the … Churchill Capital Corp IV is reportedly in talks with Lucid Motors to take the company public. Lucid's first EV, the Lucid Air, will take aim at the Tesla Model S with its base price of $77,400, a 517 miles of range, and a 9.9-second quarter-mile time. Units begin trading today on the NYSE under CCVI.U. Klein’s fifth SPAC, Churchill Capital Corp V, had upsized its IPO to $400 million in October. Churchill VII is led by CEO, President and … Amount raised: $1.8 billion. More than 130 companies have now gone public via a SPAC merger or buyout in 2021 in what some are calling a SPAC boom. Disclaimer | For most of 2021, we've watched Churchill Capital IV (CCIV) court Lucid Motors. Churchill Capital Corp VII announced the pricing of its $1.2 billion IPO this morning and its units are expected to begin trading on the NYSE under the symbol “CVII.U” today, Friday, February 12.. ... That SPAC … The Michael Klein-backed SPAC is reportedly in talks with investors to raise between $1 and $1.5 billion for the transaction by selling shares in a PIPE. Market data powered by FactSet and Web Financial Group. Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months. If the deal goes through, it would be yet another successful SPAC merger for the former Citigroup executive Michael Klein who raised another $1.6 billion for his sixth and seventh SPACs on Monday. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Both companies did not immediately respond to Insider's request for comment. Churchill Capital Corp VII said it was looking to sell 100 million units priced at $10 each, up from its earlier plan of 30 million units, a regulatory filing showed on … Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. Churchill Capital Corp VI was founded in 2020 and plans to list on the NYSE under the symbol CCVI.U. Lucid Motors was founded in 2007 as a battery company called Atieva by former Tesla executive Bernard Tse and entrepreneur Sam Weng. On Jan. 14, CNBC's David Faber said that while talks were happening, a … Churchill Capital Corp IV soared as much as 33% on Tuesday after a report from Reuters suggested the company is close to a deal to take electric vehicle maker Lucid Motors public at a valuation of around $12 billion. Churchill Capital Corp IV -- the largest one, having raised more than $2 billion last year -- is the vehicle considering a deal with Lucid, some of the people said. A native New Yorker, he currently lives in Los Angeles. Here is a list of some of the top SPAC stocks to watch and their performance from this past week by the percentage change at the close of trading on Feb. 5. Made In NYC | Churchill Capital Corp IV is reportedly in talks with Lucid Motors to take the company public. From Chinese EV manufacturer Nio to the Ohio-based Lordstown Motors, EV makers are booming, and SPACs are often their method of choice for entering public markets.