CCIV (to become LCID)

Discussion in 'Stocks' started by m22au, Feb 22, 2021.

  1. m22au

    m22au

    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.
     
  2. m22au

    m22au

    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
     
    Last edited: Feb 22, 2021
  3. m22au

    m22au

  4. S2007S

    S2007S

    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!!!
     
  5. S2007S

    S2007S

    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.
     
  6. Is that the going price of hopium today? LOL!