The Wait Is Over: Churchill Capital Corp. IV (CCIV) Shareholders Approved the Merger With Lucid Motors Today, but the Special Meeting Will Reconvene Tomorrow To Secure Approval for Proposal Number 2

Lucid Motors, the manufacturer of premium Lucid Air electric vehicles, cleared the final hurdle to a public flotation only moments agone as the shareholders of the SPAC Churchill Capital Corp. IV (NYSE:CCIV) have at present accorded their approval to the merger agreement between the 2 entities.

As per Form 425 filed by Churchill Capital 4 with the SEC on the 25th of June, a special virtual coming together of the SPAC'southward shareholders was scheduled to accept identify at 10:00 a.m. ET on the 22nd of July to approve the proposed merger with Lucid Motors. Appropriately, the pertinent meeting was convened a short while back, and a bulk of the shareholders constituting the quorum chose to approve this business combination. However, proposal number 2 on the proxy statement, the one relating to the adoption of the amended and restated document of incorporation, was non approved. Acquit in listen that this proposal entailed a college approval threshold. Consequently, the special coming together of the shareholders will reconvene on Friday, the 23rd of July, to attempt to secure the votes for this proposal.

$CCIV / Lucid meeting - Proposals #one and 3-seven were approved. Proposal #two has not yet met the threshold required for approval. The meeting will be adjourned until tomorrow to allow shareholders boosted fourth dimension to vote on proposal #2.

— Daniel Johnson (@DJohnson_CPA) July 22, 2021

Equally stated earlier, Lucid Motors has now secured the required approval for a public flotation of its stock, paving the way for the shares of the combined company to start trading on the NASDAQ stock exchange under the ticker symbol LCID by next week, discipline to the blessing of proposal number 2. Moreover, the new visitor will prefer the name Lucid Grouping, Inc. going forwards.

Investors are now sure to turn their attention to the initiation of Lucid Air EV deliveries. As a refresher, Lucid Motors had appear earlier this month that information technology remained on track to first delivering the new units of the much-predictable EV in H2 2021. Given that the company has already congenital dozens of quality validation builds every bit part of its ongoing final testing phase, the deliveries are expected to embark within a matter of weeks. In another encouraging sign, Peter Rawlinson, the CEO of Lucid, conveyed in an investor telephone call a few days dorsum that the Air EV was currently undergoing EPA testing in social club to validate the vehicle'due south claimed range of over 500 miles on a single charge.

Lucid Motors currently has over 10K reservations for the Air EV and expects to evangelize at least 20K units to the North American and EMEA markets in 2022, with deliveries to Red china commencing only in 2023. Moreover, the Lucid Gravity SUV is now slated to launch in H2 2023. The company is as well prioritizing $350 million in CAPEX for 2021-2023 in gild to add 2.7 one thousand thousand foursquare feet of additional manufacturing space at its Arizona facility for production ramp-upwards.

Equally far every bit its production penetration strategy is concerned, Lucid Motors believes that its annual volume would touch on 500,000 units per annum past 2030, respective to a 4 pct share of the overall EV market place. Additionally, during this decade, Lucid aims to retail 1.seven 1000000 units of the Air EV and ane.5 meg units of Lucid Gravity, assuming that the overall luxury EV market expands at an annual pace of around 5 per centum.

Update: Lucid Motors and Churchill Capital letter Corp. IV Hold an Investor Phone call

Following a failure to secure the approval of proposal number 2 in today's special meeting of Churchill Uppercase 4 shareholders, the SPAC held an investor call with the CEO of Lucid Motors, Peter Rawlinson. During the call, information technology was revealed that a whopping 99 percent of all shareholders who voted accorded their approval to a merger with Lucid Motors. Nevertheless, the approval of proposal number two could not be secured, in part due to the higher approval voting threshold. Acquit in mind that the approval of proposal number 2 is a requirement to shut this transaction equally it enables the adoption of amended and restated certificate of incorporation, which entails increasing CCIV's authorized share capital to finance the time to come operations of Lucid Motors.

As stated before, the special meeting of CCIV shareholders will reconvene on the 23rd of July. In social club to close the business combination with Lucid Motors, at least 65 percent of CCIV shareholders must accord their approving to proposal number 2.

Update # two

The proposal number 2 has now been approved. Head to this post for further details.

Source: https://wccftech.com/the-wait-is-over-churchill-capital-corp-iv-cciv-shareholders-approved-the-merger-with-lucid-motors-today-but-the-special-meeting-will-reconvene-tomorrow-to-secure-approval-for-proposal-number-2/

Posted by: hannapromestruche.blogspot.com