According to Reuters, Lucid and Michael Klein have agreed on key terms of the deal, which could be announced as early as this month. Klein is a seasoned deal maker. She has been a copy editor for Euromoney Institutional Investor, the Virginian-Pilot and Gannett New Jersey newspapers. Founder of 8 different companies, which include: Churchill Capital Corp. IV, Churchill Capital Corp. III and Churchill Capital Corp. Michael Stuart Klein is an entrepreneur and businessperson who has been at the helm of 8 different companies and holds the position of Chairman, President & Chief Executive Officer of Churchill Capital Corp. V (which he founded in 2020), Chairman & Chief Executive Officer at Churchill … Die Gesellschaft wird zum Zweck der Durchführung einer Fusion, eines Aktientauschs, einer Vermögensübernahme, eines Aktienkaufs, einer Reorganisation oder eines ähnlichen Unternehmenszusammenschlusses mit einem oder mehreren Unternehmen gegründet. The SPAC has seen its share price jump over 300% since rumors of the merger first became public on Jan 11. Michael Klein is the man behind Churchill and he has strong connections with Lucid Motor's key executives and backers. If the deal goes through, it would be yet another successful SPAC merger for the former Citigroup executive Michael Klein who raised another $1.6 billion for his sixth and seventh SPACs on Monday. 3 Big Stories to Catch Up On. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. SPACs are listed vehicles used to acquire promising companies, thereby taking them public. Having a $2 billion pot of cash is pretty nice, but what if shareholders told you that cash is really worth about $15 billion? To achieve this, the automaker has partnered with Michael Klein’s blank-check acquisition firm Churchill Capital IV. Churchill Capital Corp IV soared as much as 33% on Tuesday after a report from Reuters suggested the company is close to a deal to take electric vehicle maker Lucid Motors public at a valuation of around $12 billion. Michael Klein’s raised more than $4 billion in SPAC money, including CCIV, which puts him in rare company with a handful of people that can make this claim. Before it's here, it's on the Bloomberg Terminal. The luxury electric car maker Lucid Motors has been looking to go public. … M. Klein and Company is a global strategic advisory firm that provides its clients a variety of advice tailored to their objectives. This is essentially what’s happened to Churchill Capital Corp. IV, the largest of Michael Klein’s seven special purpose acquisition companies. This is the Weekend Edition of Bloomberg Opinion Today, a roundup of the most popular stories Bloomberg Opinion published this week based on web readership. Churchill Capital Corp IV, the fourth blank check company founded by dealmaker and former Citi executive Michael Klein, raised $1. - Renaissance Capital Those shares now trade at $58, even before the SPAC has agreed to a takeover or said what the terms of a deal might be. Churchill Capital (CCIV) Lucid merger news. A U.S. struggle with China won’t look exactly like the struggle with the Soviet Union. Klein’s fourth SPAC Churchill Capital Corp IV (NYSE: CCIV) is one of the most talked-about SPACs currently searching for a target. - Renaissance Capital Citi Can’t Have Its $900 Million Back — Matt Levine, There Will Always Be an England, But Not a U.K. — Max Hastings, Toyota Broke Its Just-in-Time Rule Just in Time for the Chip Shortage — Anjani Trivedi, Four Financial Goals for People in Their 40s — Farnoosh Torabi, Blame Texas Exceptionalism For This Crisis, Not Green Energy — Julian Lee, The EU Is Much Less Wonderful Than It Thinks — Martin Ivens, Covid Housing Boom Is Even Bigger Than Imagined — Brian Chappatta, Saudi Arabia and the UAE Are on an Economic Collision Course — Bobby Ghosh, Bitcoin’s $50,000 FOMO Is Overpowering Bankers — Lionel Laurent. As with Tesla Inc., this one also involves an electric-vehicle company. Churchill Capital Corp. IV spikes 19% as report tells investors to expect Lucid Motors deal as soon as Tuesday. Churchill Capital IV declined to comment on the deal, and Lucid Motors did not immediately respond to Reuters' request for comment. Churchill's move to merge with Lucid Motors follows a long line of new EV entrants to the public markets over the past few years. The Michael Klein-backed SPAC is reportedly in talks with investors to raise between $1 and $1.5 billion for the transaction by selling shares in a … Since then, the company has transitioned to a full-fledged EV manufacturer that focuses on luxury offerings. Subsequently, shares of Churchill Capital have jumped more than 300% as investors continue to target any news in the red hot EV market. Churchill Capital IV raised a bit more than $2 billion in an initial public offering last summer by selling shares for $10 apiece, the standard price for most blank-check companies. Plus500. CCIV, the ticker by which the former Citi banker’s SPAC is known by Redditors and other retail fans, is at the center of the stock market’s latest bout of speculative mania. Have a confidential tip for our reporters? What to Expect When You're Expecting a New Cold War, Meghan Markle Strikes a Victory for U.S. Celebrity. There’s a risk that the London ruling on the Duchess’s letter to her father will tilt the balance to the rich and powerful over the right to disclose information. Mid-Afternoon Market Update: Dow Falls 60 Points; Churchill Capital IV Shares Plunge, Mid-Day Market Update: Nasdaq Drops 250 Points; Frank's International Shares Jump Following Q4 Earnings, 65 Stocks Moving In Tuesday's Mid-Day Session, FSP leads financial gainers, SI and CCIV among losers, CCIV, SNSS, RIOT and EVER among midday movers, Mid-Morning Market Update: Markets Open Lower; Home Depot Tops Q4 Views, EV Stocks News: Why TSLA, NIO, LI and XPEV Are Driving Lower Today. He's recognized as a serial SPAC sponsor alongside Social … Brooke Sample is an editor for Bloomberg Opinion. In September 2018, we launched Churchill Capital Corp, a special purpose acquisition … About Us Read More » The merger would be the biggest in a string of deals by electric vehicle makers. Read More: EXCLUSIVE: An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change. From Chinese EV manufacturer Nio to the Ohio-based Lordstown Motors, EV makers are booming, and SPACs are often their method of choice for entering public markets. This is essentially what’s happened to Churchill Capital Corp. IV, the largest of Michael Klein’s seven special purpose acquisition companies. A Michael Klein-backed SPAC is popping on rumors of bringing an electric vehicle company public. The Michael Klein-backed SPAC is reportedly in talks with investors to raise between $1 and $1.5 billion for the transaction by selling shares in a PIPE. Churchill Capital IV Corp, ehemals Churchill Capital Corp IV, ist eine Blankoscheck-Gesellschaft. These funds would be an additional boost to the $2 billion Churchill Capital IV raised from its IPO in July. Michael Klein is the founder and key decision maker of all the Churchill Capital SPACs, including Churchill Capital IV. Churchill Capital Corp IV is reportedly in talks with Lucid Motors to take the company public. Lucid and Michael Klein, the New York financier behind Churchill Capital IV, have agreed to the key terms of a deal, which could be announced this month, Reuters reported. Made In NYC | Klein's Churchill Capital Corp. IV CCIV, -8.80% SPAC has been the subject of speculation that it may acquire electric vehicle maker Lucid Motors, … Still, shares of CCIV responded positively to the news, trading up 32.44%, at $52.95, as of 3:56PM ET on Tuesday. About Us Our founder, Michael Klein, is also the founder and managing partner of M. Klein and Company, which he founded in 2012. A representative for Churchill Capital declined to comment. Read more: GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months. Lucid also boasts a Casa Grande, Arizona factory that will eventually produce 400,000 vehicles annually, according to the company. 14 years later Reuters reported that Lucid could go public via CCIV, a Special Purpose Acquisition Company (SPAC), sponsored by … Lucid rivals Nikola and Fisker both went public via mergers with SPACs in 2020, and while Fisker has posted strong gains, much of Nikola's gains have been erased as EV entrants are facing increasing competition. A representative for Klein couldn’t immediately be reached for comment.Churchill Capital Corp IV has surged more than fivefold since Bloomberg … 76.4% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, EXCLUSIVE: An asset manager overseeing nearly $100 billion divested from Exxon on concerns it is failing to move fast enough to address climate change, GOLDMAN SACHS: These 40 heavily shorted stocks could be the next GameStop if retail traders target them - and the group has already nearly doubled over the past 3 months, Star investor Cathie Wood snapped up the 13% slump in Tesla shares as her $27 billion fund slid in the tech shakeout », US futures edge up after Asian stocks plunge despite Fed chair Jay Powell's dovish comments ». Photographer: David Paul Morris/Bloomberg. Michael Klein Chairman and CEO, Director Peter Seibold Chief Financial Officer Former Citigroup executive Michael Klein is the sponsor behind Churchill Capital SPACs. Disclaimer | Lucid's first EV, the Lucid Air, will take aim at the Tesla Model S with its base price of $77,400, a 517 miles of range, and a 9.9-second quarter-mile time. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Churchill Capital IV is a blank-check company formed by Wall Street veteran Michael Klein, one of the most prominent figures in the SPAC game alongside Chamath Palihapitiya and Bill Foley. New subscribers to the newsletter can sign up here. Other prominent members of Churchill Capital IV's team include Apple's longtime design chief Jony Ive, Silicon Valley venture capitalist Sam Altman, and former Ford CEO Alan Mulally. Lucid Motors was founded in 2007 as a battery company called Atieva by former Tesla executive Bernard Tse and entrepreneur Sam Weng. Lucid Motors is nearing a deal to go public at roughly $12 billion with funding from Churchill Capital IV. Both companies did not immediately respond to Insider's request for comment. Most trade close to $10, at least until they’ve announced a merger, so what’s going on with Churchill? What Did the Stock Market Do Today? All rights reserved. Rumors of a potential deal between the Michael Klein SPAC Churchill Capital IV and Lucid started back on Jan. 11 when Bloomberg first reported the two companies were in talks for a potential merger. A former Tesla executive cofounded Lucid Motors in 2007. If the merger goes through, Lucid will be one of the over 130 companies to go public via SPAC this year. … To contact the author of this story:Brooke Sample at bsample1@bloomberg.net, To contact the editor responsible for this story:Tracy Walsh at twalsh67@bloomberg.net. Also Infinity Q, GameStop, WeWork, fantasy soccer and Long Blockchain. 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