Lucid investor page https://www.lucidmotors.com/investors/ https://www.lucidmotors.com/media-room/lucid-motors-public-merger-churchill-capital-corp-iv/ CCIV and Lucid are combining at a transaction equity value of $11.75 billion. The transaction includes an approximately $2.1 billion cash contribution by CCIV and a $2.5 billion, fully committed PIPE with an investor lock-up provision that binds holders well beyond closing. The PIPE is priced at $15.00 per share with an implied pro forma equity value of $24 billion. https://www.lucidmotors.com/files/lucid-investor-deck-february-2021.pdf Page 62 CCIV shareholders 258.1 million shares PIPE shareholders 166.7 million shares Existing Lucid shareholders 1,175 million shares Total = 1,599.7 million shares PIPE is 166.7 million * $15 = $2.5 billion The $11.75 billion is probably (Existing Lucid shareholders 1,175 million shares * $10) The 258.1 million shares for existing CCIV shareholders includes 41.4 million public warrants and 29.57 million founder warrants (at $15 per share). Does not include 17.25 million founder shares or 14.78 founder warrants at prices of $20 and above. 10-Q from November 9 https://www.sec.gov/Archives/edgar/data/1811210/000110465920123051/tm2032809d1_10q.htm 207,000,000 shares of Class A common stock, and 51,750,000 shares of Class B common stock, issued and outstanding.
https://twitter dot com/DJohnson_CPA/status/1364012354355286017 Clarifying the valuation of $CCIV - 1.6B Pro forma shares x $10 deal value = $16B market cap $11.75B EV implies $4.25B net cash at close ($2.07B from $CCIV and $2.5B PIPE less fees) PIPE is at $15 or 1.5x market cap at $10 a share ($16B) Therefore PIPE is at $16B x 1.5 = $24B
The transaction is expected to close in Q2 2021 https://www.lucidmotors.com/media-room/lucid-motors-public-merger-churchill-capital-corp-iv/ CCIV shareholders 258.1 million shares PIPE shareholders 166.7 million shares Existing Lucid shareholders 1,175 million shares Total = 1,599.7 million shares .
I was going to short cciv but thought once the lucid news is out stock is going to triple digits, anyway stock is down to $40!!!
The merger values Lucid at about $12 billion, but that figure is based on the cash coming in from special purpose acquisition company Churchill. The valuation of Lucid based on Churchill’s stock price Monday is $92 billion based on the 1.6 billion shares that will be outstanding after the merger closes. That’s enough to make Lucid—a company yet to sell a car—the fifth most valuable car maker on the planet by market capitalization, worth more than General Motors (GM), NIO (NIO) and BMW (BMW.Germany), among others.
CCIV shareholders 258.1 million shares PIPE shareholders 166.7 million shares Existing Lucid shareholders 1,175 million shares Total = 1,599.7 million shares ******************************************** "Churchill Capital Corp IV Announces Effectiveness of Registration Statement and Sets July 22, 2021 as Date of Stockholder Meeting for the Lucid Business Combination" https://www.prnewswire.com/news-rel...the-lucid-business-combination-301319891.html https://www.sec.gov/Archives/edgar/data/0001811210/000110465921085486/tm2120724d1_ex99-1.htm https://seekingalpha.com/news/3710181-cciv-sets-july-22-shareholder-vote-for-lucid-motors-spac-deal Shareholder meeting at 10am ET on Thursday July 22 Anticipated closing date for merger is Friday July 23 CCIV expected to rename to Lucid Group and trade on Nasdaq under symbol LCID .
"Lucid Motors and Churchill Capital Corp IV Close Business Combination" https://ir.lucidmotors.com/news-rel...-and-churchill-capital-corp-iv-close-business Lucid's common stock will begin trading on Nasdaq on July 26, 2021 under the ticker symbol "LCID" https://finance.yahoo.com/quotes/cciv,lcid/ .