Lucid Motors shares are set to trade on the Nasdaq Monday after the company’s merger with a blank-check company was approved on a second try Friday.
Lucid Motors and Churchill Capital Corp. IV CCIV, 3.93%, a special-purpose acquisition company, or SPAC,announced the deal in February,an investment of about $4.5 billion in funding to Lucid. The stock is expected to trade under the symbol LCID.
The Newark, Calif., company hopes to start selling its Lucid Air, a luxury electric sedan built at Lucid’s factory in Arizona, in the second half of this year.
The company had to extend the merger vote to Friday from Thursday after what it called “very specific technical factors” relating to revising its charter and the financing, a proposal that needed additional votes, Lucid said in a filing.
The merger itself was approved by more than 99% of the shareholders, the company said.
Earlier this week, EV maker Faraday Future Intelligent Electric Inc.’s sharesdebuted on the Nasdaq this weekafter the completion of a merger with a SPAC. EV maker Fisker Inc. took the same road last year.
A Saudi Arabian investment fund will own over 60% of Lucid,booking a profit of nearly $20 billion on its $2.9 billion investment in Lucid.