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03/11/2021 08:00 AM EST
Editor’s Note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 6 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day’s biggest stories. Act on the news with POLITICO Pro.
The highly-anticipated move to take Lucid Motors public is set to raise circa $4.4bn, which would see the luxury EV manufacturer valued at as much as $24bn. After selling shares at $10 each and raising $2bn in an initial public offering (IPO) on the New York Stock Exchange last July, Churchill Capital has now embarked on a private investment in public equity (PIPE) transaction to sell shares and raise another $1bn, as reported by
Reuters.
Highlighting the investor-frenzy around the stock,
Bloomberg’s Chris Bryant reported last Friday that “almost 240m shares have changed hands in the last three trading sessions [which is] remarkable considering only 207m shares are tradable.”
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THE BUZZ POLITICO EXCLOO: Thanks to the coronavirus pandemic and the avalanche of social and economic problems that’s come with it, along with some damaging headlines it’s been many long, difficult months since the California governor has been able to “drink from the keg of glory,” to use a phrase from “West Wing.”