By Cromwell Schubarth | Phoenix Business Journal
Shares of the “blank check” company said to be in talks to take Lucid Motors Inc. public soared by nearly 32% Tuesday on a report that it was raising additional funds for the deal.
Churchill Capital Corp IV has launched talks with investors aimed at raising more than $1 billion for a private investment in public entity deal, or PIPE, for Newark-based Lucid, Reuters reported. The PIPE, a kind of deal that often takes place in tandem with a company going public, could be as big as $1.5 billion, depending on investor demand, according to the report.
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