Lucid Motors Is Said to Near Deal to Go Public via Klein’s SPAC - Bloomberg

Lucid Motors Is Said to Near Deal to Go Public via Klein’s SPAC - Bloomberg

Lucid Motors Inc. is nearing a deal to go public through a merger with a blank-check company started by investment banker Michael Klein that could be announced early next week, according to people familiar with the matter.

The combined entity will be valued at as much as $15 billion, the people said, asking not to be identified because the matter is private.

The special purpose acquisition company has been in talks to raise between $1 billion and $1.5 billion in funding from institutional investors to support the transaction, the people added. The valuation and the amount of additional funding could still change based on investor demand.

A deal for the electric vehicle maker could be announced on Tuesday, two of the people said. The talks are ongoing but could still fall apart.

Klein, a former Citigroup Inc. rainmaker, will use Churchill Capital Corp IV, his largest SPAC that has raised more than $2 billion, for the transaction, the people said. Lucid is backed by Saudi Arabia’s sovereign wealth fund.