VC fund to sell its Lucid Motors stake to CCIV, that is why stock is up – Idaho Reporter

Automotive, NYSE

VC fund to sell its Lucid Motors stake to CCIV, that is why stock is up

Churchill Capital Corp (NYSE:CCIV) stock was lively in after-hours trading on Thursday, following Bloomberg Terminal preliminary news release of a possible agreement between a consortium led by Venrock Associates and Churchill Capital Corp IV.

A consortium led by Venrock Associates proposed to sell Lucid Motors Inc to Churchill Capital Corp IV. The transaction was proposed on 01/11/2021. Financial terms of the transaction are unknown.

bloomberg

This is recently updated info from the Bloomberg Terminal following already published info previously. Though there isn’t a definitive agreement yet, the updated information is that a VC fund Venrock Associates is proposing a sale . On this news CCIV stock jumped almost 13% during AH trading session.

      

Venrock Associates invested in Lucid Motors back when Lucid was knows as Atieva. Atieva started as a battery pack developer in 2007, but in 2015 pivoted and announced they are working on creating a breakthrough electric car in the heart of Silicon Valley. In 2007 they received initial funding from Venrock and China Environment Fund.

1 Comment

  1. Franky

    Can this be seen positive or negtively for a merger of CCIV and Lucid? :/
    Why should a Fund sell its stakes, when everyone bets on this fusion?

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