- Veteran dealmaker Michael Klein and his partners have made a paper gain of nearly $3.3 billion on their $43 million personal investment in the blank-check acquisition firm they are merging with luxury electric vehicle startup Lucid Motors Inc, according to Reuters calculations.
Many mom-and-pop investors bought Churchill Capital IV shares hoping for a quick gain, pushing Lucid’s implied valuation from $11.75 billion at its nominal deal price to $56.3 billion at Tuesday’s closing price. Klein and his partners received 42.85 million warrants in the SPAC which are exercisable at $1 apiece, according to regulatory filings. They were also given 51.75 million so-called founders’ shares in the SPAC.
A Dodge Charger?
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Electric vehicle firm Lucid Motors to go public in $11.8 billion blank-check mergerLucid plans to go public through a reverse merger with a blank-check company started by veteran investment banker Michael Klein. CNBC always 4 hours late w/ tweets This looks so much better than a Tesla! it's practically free as long as you spend $22.1 Trillion.
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