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.