Churchill Capital Corp. IV (CCIV) - Get Free Report said its planned merger with electric vehicle startup Lucid Motors was set to close Friday after the special purpose acquisition company's stockholders approved the deal.
Shares of Churchill Capital were up slightly to $22.95.
Churchill Capital said roughly 98% of votes cast voted for the proposal to approve the business combination.
Upon completion of the business combination, Churchill Capital said it will delist from the New York Stock Exchange and the new company will be renamed Lucid Group and trade under the ticker symbol "LCID."
Prior to the shareholders vote, Churchill Capital sent out a reminder telling shareholders to vote their shares if they owned them as of the June 21 record date. Reports said Churchill was struggling to win the backing of shareholders.
Earlier this year, Bloomberg reported that the Churchill Capital, started by investment banker Michael Klein, had been in talks to raise between $1 billion and $1.5 billion in funding from institutional investors to support the transaction.
Churchill Capital Corp. IV is Klein's largest SPAC.
Lucid is backed by Saudi Arabia’s sovereign wealth fund. The company's first car, Lucid Air, is being produced in Casa Grande, Arizona, and customer deliveries are planned to begin in the second half of the year.
Separately, Faraday Future Intelligent Electric (FFIE) - Get Free Report a luxury electric vehicle maker, declined in its first day of trading Thursday after a SPAC merger with Property Solutions Acquisition Corp.
The SPAC deal added $1 billion to Faraday’s cash supply. It does business in the U.S. and China. Shares were up 2.3% on Friday.