{"id":308660,"date":"2021-07-26T21:16:37","date_gmt":"2021-07-26T18:16:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/e-car-maker-lucid-has-strong-nasdaq-debut-after-merger-with-spac\/"},"modified":"2021-07-26T21:16:37","modified_gmt":"2021-07-26T18:16:37","slug":"e-car-maker-lucid-has-strong-nasdaq-debut-after-merger-with-spac","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/e-car-maker-lucid-has-strong-nasdaq-debut-after-merger-with-spac\/","title":{"rendered":"#E-car maker Lucid has strong Nasdaq debut after merger with SPAC"},"content":{"rendered":"

“#E-car maker Lucid has strong Nasdaq debut after merger with SPAC<\/strong>”<\/p>\n

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Shares of Lucid Group rose as much as 19 percent in their Nasdaq debut on Monday after the electric-vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein.<\/p>\n

Lucid, which is run by an ex-Tesla engineer, had agreed to go public in February through a merger with Churchill Capital Corp. The deal gave the combined company a pro-forma equity value of $24 billion.<\/p>\n

Lucid\u2019s listing is a huge dividend for Saudi Arabia\u2019s Public Investment Fund, which had invested more than $1 billion in the company in 2018 for a substantial stake.<\/p>\n

PIF, BlackRock\u00a0and others in February invested another $2.5 billion in Lucid as part of the merger. Sovereign wealth fund PIF, the engine of Crown Prince Mohammad bin Salman\u2019s economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion. <\/p>\n

\"An
A Lucid electric luxury vehicle on display in a company studio in Beverly Hills, Calif.<\/figcaption>
AFP via Getty Images<\/span><\/figcaption><\/figure>\n

Lucid shares were last up about 6 percent on Monday, having opened at $24.25.<\/p>\n

Despite the strong investor interest, some analysts raised questions about the steep valuation fetched by a company that virtually had no revenue.<\/p>\n

\u201cBuyers expect they [Lucid] will fully ramp up over the next few years. But that represents a major execution risk,\u201d said Matthew Kennedy, senior strategist at Renaissance Capital, a provider of institutional research and IPO ETFs.<\/p>\n

Lucid brings a lot in terms of performance, but investors should \u201crealize it is risky to buy a company with no revenue and such a large market capitalization,\u201d he added.<\/p>\n

Newark, Calif.-based Lucid is the latest beneficiary of increasing demand for electric vehicles, fueled by tougher emission regulations globally, the Biden administration\u2019s green wave push and the rise of Tesla.<\/p>\n

Several other prominent players in the sector have also merged with special purpose acquisition companies to go public. While firms such as Fisker have recorded a rise in their shares, others including Nikola\u00a0have declined.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#E-car maker Lucid has strong Nasdaq debut after merger with SPAC” Shares of Lucid Group rose as much as 19 percent in their Nasdaq debut on Monday after the electric-vehicle maker completed its merger with a blank-check company backed by Wall Street dealmaker Michael Klein. Lucid, which is run by an ex-Tesla engineer, had agreed…<\/p>\n","protected":false},"author":1,"featured_media":308661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/07\/sized-lucid-logo.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[112822,73710,70462,5007],"class_list":["post-308660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-26-21","tag-automotive-companies","tag-electric-cars","tag-ipo"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=308660"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/308660\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/308661"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=308660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=308660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=308660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}