Lucid Clinches SPAC Deal With 11th-Hour Appeal

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The Last Call of Lucid Motors Inc. to investors who have successfully pushed through the approval of an electric car startup to go public by merging with a blank test company.

Churchill Capital Corp. IV, the special-purpose buyout that is buying the closely held Lucid, said on July 23 the companies had gathered enough additional votes from Churchill shareholders after extending the deadline. voting. Shares were up 2.5% in midday New York trading.

“We thank our shareholders, both institutional and retail, both new and old for their passionate support,” Michael Klein, the investment banker who founded Churchill, said during the call. shareholders meeting on July 23. The meeting was adjourned from the previous day after shareholders’ absence caused the agreement to lack votes.

The glitch is just one example of what can happen when two pandemic-era megatrends — the rise of the individual investor and the outburst of SPACs — collide. In this case, executives must coach novice investors who may have learned about the stock on Reddit or bought it on platforms like Robinhood and who were unaware of the divestment. vote or how to participate.

Lucid and Churchill appealed to investors several times in print, on video, on social media and on Reddit, at times begging them to vote. Klein actually spelled out the web address and phone number for Churchill’s attorney and asked the owners to check their spam folders for proxy voting documents. Lucid CEO Peter Rawlinson recalls Klein: “Whether you are a Robinhood trader or manage through a traditional brokerage, please vote.”

Their call to vote was finally answered. The deal has closed and the combined entity will be renamed Lucid Group and traded under the symbol LCID early next week.

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