NEW YORK, June 25, 2021 /PRNewswire/ -- Churchill Capital
Corp IV ("Churchill IV" or "CCIV") (NYSE: CCIV), a special purpose
acquisition company, today announced that the U.S. Securities and
Exchange Commission (the "SEC") has declared effective
Churchill IV's registration statement on Form S-4 (as amended to
the date hereof, the "Registration Statement"). The Registration
Statement includes a proxy statement/prospectus for the special
meeting of the stockholders of Churchill IV in connection with its
proposed combination with Lucid Motors, a leader in EV technology
which is setting new standards for sustainable mobility with its
advanced luxury EVs.
Churchill IV has scheduled the special meeting of stockholders
at 10:00 a.m. Eastern Time on
July 22, 2021 via live webcast. The
proxy statement/prospectus is available in the Investor Resources
section of Churchill IV's website as well as on
www.sec.gov.
The effectiveness of the Registration Statement is another
important milestone in the completion of the transaction, which is
currently expected to occur on July 23,
2021, the day immediately following the special meeting of
stockholders, subject to final stockholder approval and
satisfaction of other customary conditions.
"Lucid has exceeded our expectations since announcing the merger
at the end of February and is set to become a leading US technology
and sustainable mobility company. We believe Lucid will take EVs to
the next level with its proprietary technology and will provide
attractive opportunities for Churchill investors," said
Michael Klein, Chairman and CEO of
Churchill IV. "CEO Peter Rawlinson
continues to extend Lucid's technology, expand production capacity
and attract leading talent. The Lucid Air Dream Edition is fully
reserved, and the company has concluded its preproduction program
and is on track for expected production and deliveries in the
second half of 2021. We have great confidence in Lucid's leadership
and best-in-class board which includes representation from
Churchill Capital."
Holders of Churchill IV's common stock as of the close of
business on June 21, 2021 are
entitled to vote at the special meeting. The Churchill IV Board of
Directors unanimously recommends that stockholders vote "FOR" the
business combination proposal with Lucid as well as the other
proposals set forth in the definitive proxy
statement/prospectus.
Churchill IV, whose shares of common stock, warrants and units
are currently listed on the New York Stock Exchange (the "NYSE"),
also announced that, in connection with the closing of the business
combination, it intends to delist from the NYSE and list the shares
of common stock and warrants of the post-combination company, to be
renamed Lucid Group, Inc., on The Nasdaq Stock Market LLC
("Nasdaq") under the ticker symbols "LCID" and "LCID.WS",
respectively. The Nasdaq listing and NYSE delisting are subject to
the closing of the business combination and fulfillment of all
Nasdaq listing requirements.
Lucid's proposed public company board of directors, which is
expected to be effective as of the closing of the transaction and
which is expected to be majority independent, comprises nine
diverse directors with deep automotive, technology and industrial
expertise:
- Andrew Liveris, Chairman of
the Board – Former Chairman and CEO of The Dow Chemical
Company
- Peter Rawlinson, Executive
Director – Lucid Chief Executive Officer and Chief Technology
Officer
- Turqi Alnowaiser, Non-Executive
Director – Deputy Governor and
Head of the International Investments Division at the Public
Investment Fund of the Kingdom of Saudi
Arabia
- Glenn R. August,
Non-Executive Director – Founder, Senior Partner and Chief
Executive Officer of Oak Hill Advisors
- Nancy Gioia, Non-Executive
Director – Former Director of Global Connectivity,
Electrical and User Experience, Ford Motor Company
- Frank Lindenberg,
Non-Executive Director – Former Chief Financial
Officer of Mercedes-Benz Cars
- Nichelle Maynard-Elliott,
Non-Executive Director – Former Executive Director,
M&A, for Praxair, Inc.
- Tony Posawatz, Non-Executive
Director – President and Chief Executive Officer of
Invictus iCAR LLC
- Janet S. Wong, Non-Executive
Director – Partner (Retired) at KPMG LLP
About Lucid Motors
Lucid's mission is to inspire the adoption of sustainable energy
by creating the most captivating electric vehicles, centered around
the human experience. The company's first car, the Lucid Air, is a
state-of-the-art luxury sedan with a California-inspired design underpinned by
race-proven technology. Featuring luxurious interior space in a
mid-size exterior footprint, select models of the Air are expected
to be capable of a projected Environmental Protection Agency
("EPA") range of over 500 miles and 0-60 mph in 2.5 seconds.
Customer deliveries of the Lucid Air, which will be produced at
Lucid's new factory in Casa Grande,
Arizona, are planned to begin in the second half of
2021.
About Churchill Capital Corp IV
Churchill Capital Corp IV was formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses.
Additional Information About the Proposed Transactions and
Where to Find It
The proposed business combination between Lucid and CCIV and the
related PIPE investment (together, the "proposed transactions")
will be submitted to stockholders of CCIV for their consideration.
CCIV has filed the Registration Statement with the SEC which
included a definitive proxy statement in connection with CCIV's
solicitation for proxies for the vote by CCIV's stockholders in
connection with the proposed transactions and other matters as
described in the Registration Statement, as well as the prospectus
relating to the offer of the securities to be issued to Lucid's
shareholders in connection with the completion of the proposed
business combination. CCIV has mailed or will mail a definitive
proxy statement and other relevant documents to its stockholders as
of the record date established for voting on the proposed
transactions. CCIV's stockholders and other interested persons are
advised to read the definitive proxy statement/prospectus and any
amendments thereto in connection with CCIV's solicitation of
proxies for its special meeting of stockholders to be held to
approve, among other things, the proposed transactions, because
these documents contain important information about CCIV, Lucid and
the proposed transactions. Stockholders may also obtain a copy of
the definitive proxy statement as well as other documents filed
with the SEC regarding the proposed transactions and other
documents filed with the SEC by CCIV, without charge, at the SEC's
website located at www.sec.gov or by directing a request to
CCIV.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation
CCIV, Lucid and certain of their respective directors, executive
officers and other members of management and employees may, under
SEC rules, be deemed to be participants in the solicitations of
proxies from CCIV's stockholders in connection with the proposed
transactions. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of CCIV's
stockholders in connection with the proposed transactions is set
forth in CCIV's proxy statement/prospectus included in the
Registration Statement. Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests is included in the proxy
statement/prospectus. Stockholders, potential investors and other
interested persons should read the proxy statement/prospectus
carefully before making any voting or investment decisions. You may
obtain free copies of these documents from the sources indicated
above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid, CCIV and other companies, which are
the property of their respective owners.
Forward-Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target," "continue,"
"could," "may," "might," "possible," "potential," "predict" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding expectations and timing related to commercial
product launches, including the start of production and launch of
the Lucid Air and any future products, the performance, range and
other features of the Lucid Air, future manufacturing capabilities
and facilities, the potential success of Lucid's go-to-market
strategy and expectations related to the terms and timing of the
proposed transactions, including the timing of Lucid's planned
public listing. These statements are based on various assumptions,
whether or not identified in this communication, and on the current
expectations of Lucid's and CCIV's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Lucid and
CCIV. These forward-looking statements are subject to a number of
risks and uncertainties, including changes in domestic and foreign
business, market, financial, political and legal conditions; the
inability of the parties to successfully or timely consummate the
proposed transactions, including the risk that any required
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the proposed
transactions or that the approval of the stockholders of CCIV or
Lucid is not obtained; the outcome of any legal proceedings that
have been or may be instituted against Lucid or CCIV following
announcement of the proposed transactions; failure to realize the
anticipated benefits of the proposed transactions; risks related to
the timing of expected business milestones and commercial launch,
including Lucid's ability to mass produce the Lucid Air and
complete the tooling of its manufacturing facility; risks related
to the expansion of Lucid's manufacturing facility and the increase
of Lucid's production capacity; risks related to future market
adoption of Lucid's offerings; the effects of competition and the
pace and depth of electric vehicle adoption generally on Lucid's
future business; changes in regulatory requirements, governmental
incentives and fuel and energy prices; Lucid's ability to rapidly
innovate; Lucid's ability to deliver EPA estimated driving ranges
that match or exceed its pre-production projected driving ranges;
future changes to vehicle specifications which may impact
performance, pricing, and other expectations; Lucid's ability to
enter into or maintain partnerships with original equipment
manufacturers, vendors and technology providers; Lucid's ability to
effectively manage its growth and recruit and retain key employees,
including its chief executive officer and executive team; Lucid's
ability to establish its brand and capture additional market share,
and the risks associated with negative press or reputational harm;
Lucid's ability to manage expenses; the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; and the impact of the global COVID-19 pandemic on
Lucid, CCIV, the combined company's projected results of
operations, financial performance or other financial metrics, or on
any of the foregoing risks; and those factors discussed under the
heading "Risk Factors" in the Registration Statement and CCIV's
Annual Report on Form 10-K/A for the year ended December 31, 2020, as well as other documents of
CCIV filed, or to be filed, with the SEC. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither Lucid nor CCIV presently know or that Lucid and CCIV
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Lucid's
and CCIV's expectations, plans or forecasts of future events and
views as of the date of this communication. Lucid and CCIV
anticipate that subsequent events and developments will cause
Lucid's and CCIV's assessments to change. However, while Lucid and
CCIV may elect to update these forward-looking statements at some
point in the future, Lucid and CCIV specifically disclaim any
obligation to do so. These forward-looking statements should not be
relied upon as representing Lucid's and CCIV's assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Contacts:
Steve Lipin / Lauren Odell / Christina
Stenson
Gladstone Place Partners
(212) 230-5930
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SOURCE Churchill Capital Corp IV
