Lucid Motors’ Business Combination with Churchill Capital Corp IV

Davis Polk advised Lucid Motors in the deal, while Weil advised Churchill Capital Corp IV.Lucid Motors executed its business combination with Churchill Capital Corp IV (CCIV), a publicly traded SPAC, that would result in Lucid becoming a public company. CCIV and Lucid are combining at a transaction enterprise value of $11.75 billion. The transaction values Lucid at an initial pro-forma equity value of approximately $24 billion at the PIPE offer price of $15.00 per share and will provide Lucid with approximately $4.4 billion in cash (assuming no existing CCIV shares are redeemed for cash at closing). The transaction is subject to customary closing conditions.

Lucid is setting new standards in performance, range and efficiency, appealing both to customers and investors committed to a zero-emission future. The company’s differentiated, proprietary EV technology, including its battery technology which is currently powering every vehicle in the world’s leading EV racing series, is underpinned by a rich portfolio of patents. Lucid’s EV technology suite was developed in-house, allowing Lucid Air to deliver outstanding efficiency with a projected range of over 500 miles on a single charge – ahead of all competitors on the market today.

The Davis Polk corporate team advising Lucid Motors included partners Lee Hochbaum (Picture) and Emily Roberts and associates Albert Zhu, Joze Vranicar, Daniel Fox, Lucas Wozny and Michael Kostukovsky. Partner Veronica M. Wissel provided executive compensation advice. The tax team included partner William A. Curran. Partner Frank J. Azzopardi provided intellectual property advice.

The Weil team advising Churchill Capital Corp IV was led by Mergers & Acquisitions partners Michael J. Aiello and Matthew Gilroy and included Mergers and Acquisitions associates Damian Petrovic, Nate Trunnell, Chelsea Berry, Michael Block, Ting Liu and Dorothy Coco (Not Yet Admitted in New York). The team also included Tax Head Joe Pari; International Tax Head Devon Bodoh; Tax associates Alfonso Dulcey and Charlie Roarty; Executive Compensation and Benefits Head Paul Wessel; Executive Compensation and Benefits counsel Craig Olshan; Executive Compensation and Benefits associate Joshua Ehrhart (Not Yet Admitted in New York); Public Company Advisory Group partner Adé Heyliger; Technology & IP Transactions Head Michael Epstein; Technology & IP Transactions/Privacy counsel Olivia Greer and Dennis Adams; Technology & IP Transactions/Privacy associates Maryann Thompson, Madeline Koo and Amanda DeMasi (Not Yet Admitted in New York); Environmental Head Annemargaret Connolly; Environmental associate J. Caleb Anderson; Antitrust counsel Michael Naughton; Real Estate partner David Herman; Real Estate counsel Jannelle Seales; and Real Estate associates Daniel Soso, Derek Namerow, Lauren Burgos and Asher Witty (Not Yet Admitted in New York).

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Daniel Fox – Davis Polk & Wardwell; Lee Hochbaum – Davis Polk & Wardwell; Michael Kostukovsky – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Veronica Wissel – Davis Polk & Wardwell; Lucas Wozny – Davis Polk & Wardwell; Albert Zhu – Davis Polk & Wardwell; Joze Vranicar – Skadden Arps Slate Meager & Flom; Dennis Adams – Weil, Gotshal & Manges; Michael Aiello – Weil, Gotshal & Manges; Caleb Anderson – Weil, Gotshal & Manges; Chelsea Berry – Weil, Gotshal & Manges; Michael Block – Weil, Gotshal & Manges; Devon Bodoh – Weil, Gotshal & Manges; Lauren Burgos – Weil, Gotshal & Manges; Annemargaret Connolly – Weil, Gotshal & Manges; Alfonso Dulcey – Weil, Gotshal & Manges; Joshua Ehrhart – Weil, Gotshal & Manges; Michael Epstein – Weil, Gotshal & Manges; Matthew Gilroy – Weil, Gotshal & Manges; Olivia Greer – Weil, Gotshal & Manges; David Herman – Weil, Gotshal & Manges; Adé Heyliger – Weil, Gotshal & Manges; Ting Liu – Weil, Gotshal & Manges; Derek Namerow – Weil, Gotshal & Manges; Michael Naughton – Weil, Gotshal & Manges; Craig Olshan – Weil, Gotshal & Manges; Joe Pari – Weil, Gotshal & Manges; Damian Petrovic – Weil, Gotshal & Manges; Charlie Roarty – Weil, Gotshal & Manges; Jannelle Seales – Weil, Gotshal & Manges; Daniel Soso – Weil, Gotshal & Manges; Maryann Thompson – Weil, Gotshal & Manges; Nate Trunnell – Weil, Gotshal & Manges; Paul Wessel – Weil, Gotshal & Manges;

Law Firms: Davis Polk & Wardwell; Skadden Arps Slate Meager & Flom; Weil, Gotshal & Manges;

Clients: Churchill Capital Corp IV; Lucid Motors Inc.;

Author: Martina Bellini