NEWARK, Calif. and NEW YORK, July 23,
2021 /PRNewswire/ -- Churchill Capital Corp IV
("Churchill IV" or "CCIV") (NYSE: CCIV), a publicly traded special
purpose acquisition company, and Lucid Motors today announced the
completion of their business combination, taking public a company
that is setting new standards with its advanced luxury EVs.
Churchill IV, whose shares of common stock, warrants and units
are currently listed on the New York Stock Exchange (the "NYSE"),
will delist from the NYSE. Shares of common stock and warrants of
the post-combination company, renamed Lucid Group, Inc. ("Lucid"),
will be listed on The Nasdaq Stock Market LLC ("Nasdaq") beginning
on July 26, 2021 under the ticker
symbols "LCID" and "LCIDW," respectively. Units will no longer
trade separately.
Peter Rawlinson, CEO and CTO of
Lucid, said, "We are thrilled to complete our business combination
with Churchill IV and become a public company. Lucid has further
increased its momentum as we gear up to make the first customer
deliveries of our Lucid Air lineup of electric sedans later this
year. We are making significant investments in the long-term growth
and innovation of our company, and we will continue to bring to
bear world-class technology to positively impact mankind's
transition to sustainable mobility. I want to thank Michael and the
Churchill team for their partnership and shared vision."
Michael Klein, Chairman and CEO
of Churchill IV, said, "By assembling a highly talented leadership
team, a strong independent board and undertaking a ground-up
reimagining of electric vehicles, Lucid has built an incredible EV
with superior, race-proven technology. We are excited to complete
this combination and our significant investment in Lucid as it
disrupts the EV market, continues to create excellent jobs for
thousands across the U.S. and advances sustainable mobility for the
benefit of the planet. I am sure Lucid will continue to be a
committed steward of the environment and a steadfast supporter of
the communities where it operates while delivering attractive
returns and providing strong governance for its shareholders.
Churchill Capital is pleased to partner with Lucid, introducing the
Company to the public markets, delivering the unprecedented capital
to finance the launch of its extraordinary line of vehicles and
engaging to grow the Company into a leading automotive and energy
company."
As previously announced, Peter
Rawlinson will continue to lead Lucid along with the rest of
the company's seasoned leadership team. Churchill IV's leadership
team and group of operating partners will actively facilitate key
introductions and relationships and provide product, design and
industry insights.
Customer deliveries of the Lucid Air lineup of luxury,
high-performance EVs are planned to begin later this year. The
entire lineup features luxury electric sedans that are expected to
be capable of up to 1080 horsepower, quarter-mile times as low as
9.9 seconds and up to 500+ miles of range on a single charge,
making Lucid Air the new standard for electric vehicle performance
and efficiency.
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, 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 Air are
expected to be capable of a projected EPA range of over 500 miles.
Lucid Air is produced at Lucid's new factory in Casa Grande, Arizona, and customer deliveries
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.
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, and the potential success of Lucid's
go-to-market strategy and expectations relating to the benefits of
the proposed transactions. 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 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 outcome of
any legal proceedings that have been or may be instituted against
Lucid or CCIV; failure to realize the anticipated benefits of the
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 or Lucid 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:
For Lucid Motors, Inc.:
media@lucidmotors.com
investors@lucidmotors.com
For Brunswick Group:
lucid@brunswickgroup.com
For Churchill Capital Corp IV:
Steve Lipin / Lauren Odell / Christina
Stenson
Gladstone Place Partners
(212) 230-5930
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SOURCE Churchill Capital Corp IV
