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EV firm Lucid Motors in talks to go public via SPAC deal - Bloomberg News

·1-min read

(Reuters) - Electric vehicle startup Lucid Motors is in talks to go public through a merger with a blank-check firm backed by Michael Klein, a veteran Wall Street dealmaker, Bloomberg News reported on Monday, citing people familiar with the matter.

Lucid is working with financial advisers on the deal, which could be valued at up to $15 billion, the report said. (https://bloom.bg/39pzVUD)

In a statement, Lucid said it has always been clear about its intent to go public at some point and added that its focus remains on bringing its first luxury model, the Lucid Air, to production in spring.

Klein's Churchill Capital Corp IV is the vehicle that is considering the deal with Lucid, Bloomberg said, citing some of the people.

Blank-check firms, also known as special purpose acquisition companies (SPAC), typically raise money in an initial public offering to pursue an acquisition without telling their investors in advance which specific company they will buy.

Two of Klein's blank-check firms, Churchill Capital Corp VI and VII, are looking to raise a total of $700 million by selling units, shares and warrants on the New York Stock Exchange, regulatory filings showed earlier on Monday.

(Reporting by Ayanti Bera in Bengaluru; Editing by Amy Caren Daniel)