The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

The SEC needs to look at unexplained moves in Spac stock

The Churchill Capital deal for electric vehicle maker Lucid was long rumoured. The share price fall when it was confirmed raises questions for regulators.

The Lucid Air on display

Michael Klein, a former head of corporate and investment banking at Citi, has more recently made a name for himself as a sponsor of special purpose acquisition companies (Spacs) carrying the name Churchill.

His first acquisition in 2019 of business information company Clarivate Analytics has provided a 300% return on IPO capital, with subsequent deals for healthcare business MultiPlan in July 2020 and for education technology company Skillsoft in October producing 25% returns.

Michael Klein, co-founder of Churchill Capital

On Monday, Klein announced his fourth and biggest transaction to date, confirming that his NYSE-listed Churchill Capital IV (CCIV) will acquire electric vehicle maker Lucid in a deal valued at $11.75 billion.

Lucid is led by chief executive and chief technology officer Peter Rawlinson, previously vice-president of engineering at Tesla and chief engineer for its breakthrough Model S.

The pitch for Lucid is a simple one. This is a company whose listed stock you will be able to buy at a fraction of the valuation of Tesla, but which claims to have second-mover advantage and better technology.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree