Lucid stock jumps 11% in its Nasdaq debut

1 year ago 151

Lucid Group Inc. banal roseate arsenic overmuch arsenic 15% connected Monday, its archetypal time of trading connected the Nasdaq aft the company’s merger with a blank-check institution was approved connected a 2nd effort Friday.

Lucid LCID, +10.64% traded arsenic precocious arsenic $29.03 by midday trading Monday, having opened astatine $25.24. The banal mislaid immoderate steam arsenic the league progressed and closed the time up 11%, astatine $26.83.

“We are connected way to conscionable our projected lawsuit deliveries this year, the next, and into the future,” Chief Executive Peter Rawlinson said successful a connection to investors. “But with the $4.4 cardinal successful backing we present person successful the bank, we’re capable to importantly accelerate our trajectory portion besides mitigating our risks successful delivering the world’s champion EVs.”

Lucid and Churchill Capital Corp. IV CCIV, 3.93%, a special-purpose acquisition company, oregon SPAC, announced the woody successful February.

The Newark, Calif., institution hopes to commencement selling its Lucid Air, a luxury electrical sedan built astatine Lucid’s mill successful Arizona, successful the 2nd fractional of this year.

The institution had to widen the merger ballot to Friday from Thursday aft what it called “very circumstantial method factors” relating to revising its charter and the financing, a connection that needed further votes, Lucid said successful a filing.

The merger itself was approved by much than 99% of the shareholders, the institution said.

Earlier this week, EV shaper Faraday Future Intelligent Electric Inc.’s FFIE, -6.88% shares debuted connected the Nasdaq this week aft the completion of a merger with a SPAC. EV shaper Fisker Inc. FSR, +2.39% took the aforesaid roadworthy past year.

A Saudi Arabian concern money volition ain implicit 60% of Lucid, booking a nett of astir $20 cardinal connected its $2.9 cardinal concern successful Lucid.

Read Entire Article