Shares of Churchill Capital IV Corp fell more than 40% on Tuesday, as its merger with electric vehicle maker Lucid Motors sparked concerns about the real worth of the company which has yet to start regular production.
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.
The merger with Churchill Capital is one of the biggest deals in the EV industry to date as the company prepares to roll out its first EV a luxury sedan called Air