http://www.reuters.com/article/idUSKBN2AG2D6
Exclusive: Lucid Motors nears SPAC deal as Klein launches financing - sources
By Joshua Franklin, Anirban Sen
(Reuters) - Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12 billion valuation after veteran dealmaker Michael Klein’s blank-check acquisition firm launched a financing effort to back the transaction, people familiar with the matter said on Tuesday.
The merger between Lucid and Klein’s Churchill Capital IV Corp would be the biggest in a string of deals by electric vehicle makers such as Nikola Corp and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs).
Churchill Capital IV has initiated talks with investors to raise more than $1 billion by selling shares in a private investment in public equity (PIPE) transaction for the deal with Lucid, the sources said. The size of the PIPE could reach $1.5 billion or more based on investor demand, one added.
These funds would be in addition to the $2 billion Churchill Capital IV raised in an initial public offering (IPO) in July on the New York Stock Exchange. Lucid and Klein agreed on the key terms of the deal, according to the sources.
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If the PIPE fundraising concludes successfully, a deal could be announced as early as this month, according to the sources, who requested anonymity to discuss the confidential details. Churchill Capital IV declined to comment. Lucid did not immediately respond to a request for comment.
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