NEWARK, Calif. and NEW YORK, July 23, 2021 /PRNewswire/ — Churchill Capital Corp IV (“Churchill IV” or “CCIV”) (NYSE: CCIV), a publicly traded unique intent acquisition firm, and Lucid Motors currently announced the completion of their enterprise combination, getting public a company that is environment new expectations with its highly developed luxurious EVs.
Churchill IV, whose shares of popular inventory, warrants and units are presently mentioned on the New York Stock Trade (the “NYSE”), will delist from the NYSE. Shares of typical stock and warrants of the article-mixture company, renamed Lucid Team, Inc. (“Lucid”), will be shown on The Nasdaq Stock Sector LLC (“Nasdaq”) starting on July 26, 2021 underneath the ticker symbols “LCID” and “LCIDW,” respectively. Models will no more time trade independently.
Peter Rawlinson, CEO and CTO of Lucid, mentioned, “We are thrilled to entire our business mixture with Churchill IV and grow to be a public firm. Lucid has further more amplified its momentum as we equipment up to make the to start with customer deliveries of our Lucid Air lineup of electric sedans later on this year. We are earning sizeable investments in the long-phrase advancement and innovation of our business, and we will continue to carry to bear world-course technological innovation to positively influence mankind’s transition to sustainable mobility. I want to thank Michael and the Churchill team for their partnership and shared eyesight.”
Michael Klein, Chairman and CEO of Churchill IV, claimed, “By assembling a hugely talented leadership workforce, a powerful impartial board and endeavor a floor-up reimagining of electrical cars, Lucid has constructed an remarkable EV with exceptional, race-verified technological know-how. We are fired up to total this mixture and our significant financial commitment in Lucid as it disrupts the EV sector, proceeds to make excellent jobs for 1000’s throughout the U.S. and advances sustainable mobility for the gain of the world. I am absolutely sure Lucid will continue to be a committed steward of the ecosystem and a steadfast supporter of the communities the place it operates when providing eye-catching returns and providing robust governance for its shareholders. Churchill Money is delighted to companion with Lucid, introducing the Firm to the community markets, offering the unprecedented cash to finance the start of its extraordinary line of motor vehicles and participating to increase the Business into a top automotive and strength company.”
As previously introduced, Peter Rawlinson will keep on to lead Lucid together with the relaxation of the company’s seasoned management group. Churchill IV’s management workforce and team of operating companions will actively aid key introductions and associations and present item, style and field insights.
Purchaser deliveries of the Lucid Air lineup of luxury, higher-performance EVs are planned to start later this 12 months. The complete lineup features luxurious electric sedans that are envisioned to be able of up to 1080 horsepower, quarter-mile instances as minimal as 9.9 seconds and up to 500+ miles of variety on a solitary cost, producing Lucid Air the new common for electric powered auto general performance and efficiency.
About Lucid Motors
Lucid’s mission is to inspire the adoption of sustainable energy by generating the most fascinating electrical motor vehicles, centered all-around the human experience. The firm’s 1st automobile, Lucid Air, is a condition-of-the-art luxury sedan with a California-inspired style and design underpinned by race-demonstrated technology. Showcasing high-class inside area in a mid-measurement exterior footprint, pick models of Air are predicted to be capable of a projected EPA range of above 500 miles. Lucid Air is developed at Lucid’s new factory in Casa Grande, Arizona, and buyer deliveries are planned to get started in the second half of 2021.
About Churchill Cash Corp IV
Churchill Funds Corp IV was fashioned for the intent of effecting a merger, capital inventory exchange, asset acquisition, stock invest in, reorganization or related enterprise mix with just one or far more enterprises.
This communication incorporates emblems, service marks, trade names and copyrights of Lucid, CCIV and other firms, which are the home of their respective proprietors.
This interaction features “ahead-seeking statements” within the that means of the “risk-free harbor” provisions of the United States Personal Securities Litigation Reform Act of 1995. Ahead-looking statements may well be recognized by the use of text this kind of as “estimate,” “program,” “job,” “forecast,” “intend,” “will,” “hope,” “foresee,” “feel,” “request,” “focus on,” “continue,” “could,” “may possibly,” “may,” “probable,” “potential,” “forecast” or other similar expressions that forecast or indicate foreseeable future situations or trends or that are not statements of historical issues. These forward-hunting statements contain, but are not minimal to, statements regarding expectations and timing related to business products launches, together with the get started of creation and launch of the Lucid Air and any foreseeable future goods, the effectiveness, array and other functions of the Lucid Air, future producing abilities and facilities, and the likely success of Lucid’s go-to-industry system and anticipations relating to the rewards of the proposed transactions. These statements are dependent on several assumptions, regardless of whether or not determined in this interaction, and on the present-day anticipations of Lucid’s and CCIV’s management and are not predictions of true efficiency. These forward-searching statements are supplied for illustrative uses only and are not supposed to provide as a definitive statement of actuality or probability. Precise functions and conditions are hard or difficult to forecast and will vary from assumptions. Lots of genuine gatherings and circumstances are outside of the handle of Lucid and CCIV. These forward-seeking statements are matter to a amount of risks and uncertainties, which include variations in domestic and international business enterprise, marketplace, monetary, political and legal circumstances the end result of any legal proceedings that have been or could be instituted in opposition to Lucid or CCIV failure to know the expected positive aspects of the transactions dangers linked to the timing of predicted company milestones and professional launch, such as Lucid’s means to mass generate the Lucid Air and entire the tooling of its production facility challenges related to the growth of Lucid’s manufacturing facility and the boost of Lucid’s generation ability pitfalls connected to future industry adoption of Lucid’s offerings the consequences of opposition and the tempo and depth of electric auto adoption normally on Lucid’s potential company changes in regulatory necessities, governmental incentives and gasoline and electrical power costs Lucid’s potential to swiftly innovate Lucid’s capacity to produce EPA estimated driving ranges that match or exceed its pre-output projected driving ranges long term improvements to auto specifications which may effects functionality, pricing, and other anticipations Lucid’s capability to enter into or preserve partnerships with first devices brands, vendors and know-how companies Lucid’s potential to successfully take care of its expansion and recruit and keep important workforce, which includes its main executive officer and executive workforce Lucid’s capacity to build its brand and seize supplemental market share, and the hazards involved with unfavorable press or reputational damage Lucid’s skill to regulate expenditures the consequence of any probable litigation, authorities and regulatory proceedings, investigations and inquiries and the influence of the global COVID-19 pandemic on Lucid, CCIV, the merged firm’s projected results of operations, economical performance or other financial metrics, or on any of the foregoing risks and these factors reviewed less than the heading “Possibility Things” in the Registration Assertion and CCIV’s Annual Report on Variety 10-K/A for the 12 months finished December 31, 2020, as perfectly as other paperwork of CCIV or Lucid filed, or to be filed, with the SEC. If any of these threats materialize or our assumptions prove incorrect, real benefits could differ materially from the effects implied by these forward-on the lookout statements. There may well be added challenges that neither Lucid nor CCIV presently know or that Lucid and CCIV at the moment believe are immaterial that could also induce true final results to vary from those people contained in the forward-searching statements. In addition, forward-looking statements replicate Lucid’s and CCIV’s expectations, programs or forecasts of long run activities and views as of the day of this communication. Lucid and CCIV foresee that subsequent gatherings and developments will trigger Lucid’s and CCIV’s assessments to improve. Having said that, even though Lucid and CCIV could elect to update these ahead-looking statements at some level in the long term, Lucid and CCIV especially disclaim any obligation to do so. These forward-looking statements really should not be relied on as representing Lucid’s and CCIV’s assessments as of any date subsequent to the date of this interaction. Accordingly, undue reliance should not be placed upon the forward-on the lookout statements.
For Lucid Motors, Inc.:
For Brunswick Team:
For Churchill Cash Corp IV:
Steve Lipin / Lauren Odell / Christina Stenson
Gladstone Position Partners
Supply Churchill Capital Corp IV