Churchill Capital Corporation IV is a blank check company, also known as a special purpose acquisition company (“SPAC”). On Monday, February 22, 2021, a merger agreement between Churchill Capital Corporation IV ("CCIV") and Lucid Motors was announced. CCIV’s and Lucid’s transaction equity value was estimated at $11.75 billion. Details of the merger disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had allegedly been touting in the run-up to the merger announcement.
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