Hamilton Chukyo Brokerage Comments On Lucid Motors Reportedly In Talks To Go Public

by 24USATVJan. 12, 2021, 3 p.m. 24
-

TORONTO, ON / ACCESSWIRE / January 12, 2021 /Hamilton Chukyo Brokerage has today commented on electric carmaker Lucid Motors Inc., as the firm considers going public via a merger with one of Michael Klein's special purpose acquisition companies (SPAC).

"The deal could be valued at up to $15 billion," commented Anthony Roberts, Head of Institutional Trading at Hamilton Chukyo Brokerage. "Lucid is working with financial advisers, and the talks are ongoing," he added.

Michael Klein, a former Citigroup Inc. rainmaker, has two SPACs hunting down deals. The vehicle weighing a deal with Lucid is Churchill Capital Corp IV, the larger of the two, raising more than $2 billion last year.

Lucid currently targets the luxury end of the electric vehicle market. Peter Rawlinson, the chief executive officer, was formerly Tesla's chief engineer for the Model S sedan. The carmaker's backers include Public Investment Fund, Saudi Arabia's sovereign wealth fund, which has invested over $1 billion in the company.

Klein has played a lead role in overseeing the kingdom's investments, he acted as an adviser to its Public Investment Fund. Among other transactions, he advised on the Saudi Aramco initial public offering.

"In New York trading on Monday, Churchill Capital Corp IV shares jumped as much as 40%. They closed up 32% to $13.20," commented Michael Williams, Head of Private Wealth Management at Hamilton Chukyo Brokerage.

Several electric vehicle manufacturers have secured deals with SPACs as startups attempt to beef up and raise cash to contend with market leader Tesla Inc. Lucid would be one of the most established electric carmakers to take this course of action.

Faraday & Future Inc. is in advanced talks to merge with Property Solutions Acquisition Corp., according to data gathered by Hamilton Chukyo Brokerage, while Nikola Corp. and Fisker Inc. went public last year via blank-check deals.

Lucid was founded under the name Atieva in 2007 and spent years focusing on battery technology rather than pursuing luxury electric car development. In 2016, it shifted, changed its name to Lucid, and started working on what would become its pivotal model, the Air.

Hamilton Chukyo Brokerage provides financial advice and asset management services to private, institutional and corporate clients worldwide.

-

Related Articles

HOT TRENDS

Steelers TE McDonald retires after 8-year career

by 24USATVJan. 23, 2021, 1 a.m.2
HOT TRENDS

Tom Brokaw announces retirement after 55 years at

by 24USATVJan. 23, 2021, 1 a.m.2
HOT TRENDS

'Our Friend' is an opportunity for a good cry — if wanted

by 24USATVJan. 22, 2021, 10 p.m.2
HOT TRENDS

Amid cancellation talk, Tokyo Olympics `focused on hosting'

by 24USATVJan. 22, 2021, 10 p.m.2
HOT TRENDS

UFC cuts Azaitar for sneaking guest into hotel

by 24USATVJan. 22, 2021, 10 p.m.2
HOT TRENDS

‘WandaVision’ Episode 3 Recap: The MCU Lands in Westview

by 24USATVJan. 22, 2021, 10 p.m.2
HOT TRENDS

Hank Aaron, Baseball's Legendary Slugger, Dies At 86

by 24USATVJan. 22, 2021, 10 p.m.2
HOT TRENDS

OPINION | REVIEW: 'Our Friend'

by 24USATVJan. 22, 2021, 8 p.m.2