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One of the year's most highly anticipated SPAC mergers was approved Friday morning.
What Happened: All shareholder proposals were approved between Churchill Capital Corp IV (NYSE:CCIV) and Lucid Motors.
The companies held a special meeting Friday with additional votes needed for Proposal 2. Over 98% of shareholders who voted approved the merger, according to the companies. The business combination is expected to close today.
Related Link: 9 Key Takeaways From The Lucid Motors SPAC Merger
What’s Next: The company will change its name to Lucid Group and trade as ticker LCID on the Nasdaq, marking a change of public exchanges.
Shares are expected to trade with the new name and ticker beginning on Monday, July 26.
Lucid Motors is anticipated to release its Lucid Air electric vehicle later this calendar year. CEO Peter Rawlinson said recently the pre-production phase is done and deliveries will come in the second half of 2021.
The company plans to ramp up manufacturing capabilities and release additional models in the future.
CCIV Price Action: Churchill Capital Corp IV shares are up 5% to $23.96 on Friday.
Disclosure: The author is long CCIV shares.
Posted In: CCIV
