What happened
On Friday, Churchill Capital IV (CCIV) was having a good day for a business that will soon cease to exist. The special purpose acquisition company's (SPAC) shares were up 4% in mid-afternoon trading following a crucial shareholder vote.
So what
Churchill will shortly merge with Lucid Motors, bringing the electric vehicle (EV) maker to the stock exchange as a publicly traded company. After Churchill extended the deadline for a shareholder vote, investors on Friday morning approved all seven proposals required to effect the merger.
Image source: Lucid Motors.
With that out of the way, Lucid will start trading as a proper stock on Monday. It will be listed on the Nasdaq under the ticker symbol LCID. Churchill's New York Stock Exchange shares are to be delisted.
Lucid is sure to attract attention, as it's a pure electric vehicle play that will be considered an alternative to the sector's current king, Tesla (TSLA 1.85%). Like Tesla, Lucid focuses on the higher end of the EV market, although its first model -- the Lucid Air -- is comparatively pricey with its base model starting at nearly $70,000.
Now what
Unlike Tesla, Lucid doesn't yet have a vehicle on the market. But it's slated to begin deliveries of the Lucid Air in the second half of this year, and interest has been robust -- in late June, CEO Peter Rawlinson said the company had over 10,000 reservations for the model. As an "official" stock, Lucid is sure to be popular with the EV crowd.
