![]() ![]() Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account After the deal was announced, CCIV’s share price tumbled more than 40%. Lucid’s merger has been widely anticipated, driving up the price of CCIV shares more than 470% since the start of 2021. Many companies have chosen to go public over the past year through SPACs instead of traditional IPOs, which typically invite more scrutiny from both investors and regulators. Tesla, the most valuable automaker in the world by market capitalization, sells the Model S, an electric luxury sedan that starts at $73,990, with long-range variants also having a range of just over 500 miles.ĬCIV is a special purpose acquisition company, or SPAC, which is a shell corporation that has the sole purpose of buying or merging with a private company in order to take it public without a traditional initial public offering. ![]() Peter Rawlinson, the CEO of Lucid, helped develop the Model S sedan while working at Tesla from 2009 to 2012. Lucid is trying to compete directly with Tesla. The transaction will be used to expand Lucid’s Arizona factory, the company said, which it eventually expects to be capable of producing 365,000 vehicles a year. The deal left the company with a market capitalization of $9.17 billion, as of this writing, and will give more than $4 billion in cash to Lucid Motors. (Photo by Michael Loccisano/Getty Images) Michael Loccisano/Getty ImagesĬelebs including A-Rod and Ciara are getting into SPACs. #Lucid electric car professionalNEW YORK, NY - MAY 08: Sports commentator and former professional baseball player Alex Rodriguez takes part in a panel during WSJ's The Future of Everything Festival at Spring Studios on in New York City. ![]()
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