Benzinga | Jun 25, 2021 06:16AM EDT

Churchill Capital Corp. IV Reports SEC Declared Effective Co.'s Registration Statement Related To Proxy Statement For Special Meeting In Connection With Proposed Combination With Lucid Motors; Meeting Scheduled For Jul. 22, 2021 At 10 a.m. EDT

- Special meeting of stockholders to be held at 10:00 a.m. Eastern Time on July 22, 2021 via live webcast

- The anticipated closing date for the business combination is July 23, 2021

- The post-combination company will be renamed Lucid Group, Inc. and its common stock is expected to trade on Nasdaq under the ticker symbol "LCID"

NEW YORK, June 25, 2021 /PRNewswire/ -- Churchill Capital Corp IV ("Churchill IV" or "CCIV") (NYSE:CCIV), a special purpose acquisition company, today announced that the U.S. Securities and Exchange Commission (the "SEC") has declared effective Churchill IV's registration statement on Form S-4 (as amended to the date hereof, the "Registration Statement"). The Registration Statement includes a proxy statement/prospectus for the special meeting of the stockholders of Churchill IV in connection with its proposed combination with Lucid Motors, a leader in EV technology which is setting new standards for sustainable mobility with its advanced luxury EVs.



Churchill IV has scheduled the special meeting of stockholders at 10:00 a.m. Eastern Time on July 22, 2021 via live webcast. The proxy statement/prospectus is available in the Investor Resources section of Churchill IV's website as well as on www.sec.gov.

The effectiveness of the Registration Statement is another important milestone in the completion of the transaction, which is currently expected to occur on July 23, 2021, the day immediately following the special meeting of stockholders, subject to final stockholder approval and satisfaction of other customary conditions.

"Lucid has exceeded our expectations since announcing the merger at the end of February and is set to become a leading US technology and sustainable mobility company. We believe Lucid will take EVs to the next level with its proprietary technology and will provide attractive opportunities for Churchill investors," said Michael Klein, Chairman and CEO of Churchill IV. "CEO Peter Rawlinson continues to extend Lucid's technology, expand production capacity and attract leading talent. The Lucid Air Dream Edition is fully reserved, and the company has concluded its preproduction program and is on track for expected production and deliveries in the second half of 2021. We have great confidence in Lucid's leadership and best-in-class board which includes representation from Churchill Capital."

Holders of Churchill IV's common stock as of the close of business on June 21, 2021 are entitled to vote at the special meeting. The Churchill IV Board of Directors unanimously recommends that stockholders vote "FOR" the business combination proposal with Lucid as well as the other proposals set forth in the definitive proxy statement/prospectus.

Churchill IV, whose shares of common stock, warrants and units are currently listed on the New York Stock Exchange (the "NYSE"), also announced that, in connection with the closing of the business combination, it intends to delist from the NYSE and list the shares of common stock and warrants of the post-combination company, to be renamed Lucid Group, Inc., on The Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbols "LCID" and "LCID.WS", respectively. The Nasdaq listing and NYSE delisting are subject to the closing of the business combination and fulfillment of all Nasdaq listing requirements.

Lucid's proposed public company board of directors, which is expected to be effective as of the closing of the transaction and which is expected to be majority independent, comprises nine diverse directors with deep automotive, technology and industrial expertise:

* Andrew Liveris, Chairman of the Board -- Former Chairman and CEO of The Dow Chemical Company

* Peter Rawlinson, Executive Director -- Lucid Chief Executive Officer and Chief Technology Officer

* Turqi Alnowaiser, Non-Executive Director -- Deputy Governor and Head of the International Investments Division at the Public Investment Fund of the Kingdom of Saudi Arabia

* Glenn R. August, Non-Executive Director -- Founder, Senior Partner and Chief Executive Officer of Oak Hill Advisors

* Nancy Gioia, Non-Executive Director -- Former Director of Global Connectivity, Electrical and User Experience, Ford Motor Company

* Frank Lindenberg, Non-Executive Director -- Former Chief Financial Officer of Mercedes-Benz Cars

* Nichelle Maynard-Elliott, Non-Executive Director -- Former Executive Director, M&A, for Praxair, Inc.

* Tony Posawatz, Non-Executive Director -- President and Chief Executive Officer of Invictus iCAR LLC

* Janet S. Wong, Non-Executive Director -- Partner (Retired) at KPMG LLP