Lucid’s SPAC 🚗

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Lucid’s SPAC

SPACs, SPACs, SPACs, probably one of the most popular and most referenced terms over the past year within investing. In case you don’t recall what, a SPAC is, well, a SPAC is a corporation formed for the sole purpose of raising investment capital through an initial public offering (IPO). SPACs have become a rising alternative to IPOs, and most recently, the trend has met with another stock market favorite, the electric vehicle. If the name Lucid doesn’t ring a bell, it might begin to as it is one of the newest electric vehicle companies going public via a SPAC started by investment banker Michael Klein.

The SPAC aims to raise $1.5 billion in funding with the valuation being variable based on investor demand; moreover, the fund appears to be backed by Saudi Arabian investors. Specifically, the Saudi public investment or “PIF,” the sovereign wealth fund of Saudi Arabia with total estimated assets of $347 billion. Despite not being the first EV SPAC, with EV companies such as Nikola and Fisker getting there first, Lucid would be one of the biggest.

Not all investors are so happy with SPACs; for example, American billionaire and philanthropist Sam Zell told CNBC that SPACs reminded him of the rampant speculation that fueled the dot-com boom of the early 2000s.

Do you think SPACs are the future and where do you think Lucid will fit into the growing and competitive world of electric vehicles?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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