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EV maker Lucid rises in Nasdaq debut after merger with Klein-backed SPAC

07/26/2021 | 09:51am EDT

July 26 (Reuters) - Shares of Lucid Group Inc rose as much as 8.6% in their Nasdaq debut on Monday after the electric vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein.

The luxury electric vehicle maker, formerly known as Lucid Motors and run by ex-Tesla engineer, had agreed to go public in February through a merger with Churchill Capital Corp IV.

The merger gave the combined company a pro-forma equity value of $24 billion. (Reporting by Chavi Mehta and Sohini Podder in Bengaluru; Editing by Aditya Soni)


ę Reuters 2021
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