NEW YORK, July 23, 2021 /PRNewswire/ -- Churchill Capital
Corp IV ("Churchill IV" or "CCIV") (NYSE: CCIV), a publicly traded
special purpose acquisition company, announced that in a special
meeting held today, its stockholders voted to approve the proposals
required to complete its combination with Lucid Motors ("Lucid"), a
leader in EV technology which is setting new standards with its
advanced luxury EVs.
All of the proposals related to the business combination
received overwhelming support from stockholders that
voted—approximately 98% of votes cast voted for the proposal to
approve the business combination.
The closing of the business combination is expected to occur
today, July 23, 2021, subject to the
satisfaction or waiver of all closing conditions.
Churchill IV, whose shares of common stock, warrants and units
are currently listed on the New York Stock Exchange (the "NYSE"),
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 "LCIDW", respectively, beginning on
July 26, 2021. The Nasdaq listing and
NYSE delisting are subject to the closing of the business
combination and fulfillment of all Nasdaq listing requirements.
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.
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; 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