![]() Lucid Group has been subpoenaed by securities regulators investigating the electric automaker’s merger that enabled it to become a publicly traded company. Bilibili hk960m network taptap Rolling adventure duffle Wholesale china plastic folder factory Dual trunking scanner pro 94 Walmart finance calculator Cleanx mop head. Lucid said in a regulatory filing Monday morning that the Securities and Exchange Commission requested certain documents related to its investigation. “Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. and certain projections and statements,” Lucid’s regulatory filing says. Lucid said it is cooperating fully with the SEC in its review. Shares of Lucid fell more than 9.5% on the news. In February, Lucid Motors announced that it had reached an agreement to become a publicly traded company through a merger with special purpose acquisition company Churchill Capital IV Corp. Shareholders approved the merger between Lucid Motors and Churchill Capital IV in late July, after the companies extended the deadline by one day because not enough retail investors showed up to cast their vote.Īt the time, it was considered one of the largest deals between a blank-check company and an electric vehicle startup. The company is now called Lucid Group.Answer: Lucid shareholders will receive a total of $11.75 billion plus any net cash on Lucid’s balance sheet, in the form of shares of Lucid Group, Inc. ![]() Class A common stock based on a value of $10.00 per share. Issued and unexercised options to purchase Lucid common shares, whether vested or unvested, will become options to purchase shares of Lucid Group, Inc. Lucid warrants will become warrants to acquire common stock of Lucid Group, Inc. options, RSUs and warrants each holder will receive will be based on an exchange ratio which is described below (see “ How many shares in the public company do I get?” and “ What if I have never exercised any of my vested options and I don’t want to exercise them now? What do I have to do?”). It is expected that our majority shareholder will continue to hold a majority of the outstanding voting power of Lucid Group, Inc. immediately following the closing of the merger.Īnswer: When Churchill went public in July 2020, it raised $2.07 billion by selling 207 million units for $10.00 per unit. The units included Class A common stock of Churchill and one-fifth of one redeemable warrant to purchase Class A common stock of Churchill. Churchill was formed solely for the purpose of finding and merging with a company like ours. The shares of Class A common stock that Lucid stockholders will receive are valued at $10.00 per share for purposes of the merger agreement. The Churchill Class A common stock, which will be Lucid Group, Inc. common stock after the closing of the transaction, also trades on the New York Stock Exchange. ![]() How many shares in the public company do I get? The entity that formed Churchill (called the “sponsor”) also holds shares of Class B common stock in Churchill and warrants to purchase Class A common stock of Churchill, some of which the sponsor agreed to forfeit under certain conditions, subject to earn-back provisions. You will receive shares of Class A common stock of Lucid Group, Inc. depending on an exchange ratio that takes into consideration the total number of shares, vested options and warrants outstanding before the closing of the merger. The ratio had declined from 71% and 53% in 20, a sign that it’s trying to diversify revenue streams beyond distributing games.The exchange ratio is based on a formula which includes factors that will remain dynamic and subject to change until the day that the merger closes. Though known for its trove of video content produced by amateur and professional creators, Bilibili derives a big chunk of its income from mobile games, which accounted for 40% of its revenues in 2020. The partners will initiate a series of “deep collaborations” around X.D.’s own games and TapTap, without offering more detail. Network, which runs the popular game distribution platform TapTap in China, the company announced on Thursday.ĭual-listed in Hong Kong and New York, Bilibili will purchase 22,660,000 shares of X.D.’s common stock at HK$42.38 apiece, which will grant it a 4.72% stake. It has agreed to invest HK$960 million (about $123 million) into X.D. Bilibili’s investment in TapTap is being looked upon as a step against traditional app distribution channels. Competition in China’s gaming industry is getting stiffer in recent times as tech giants sniff out potential buyouts and investments to beef up their gaming alliance, whether it pertains to content or distribution.īilibili, the go-to video streaming platform for young Chinese, is the latest to make a major gaming deal. Chinese video-sharing website Bilibili has made its stand clear that it intends to revolutionize the game distribution in China with a 123 million investment in TapTap as reported by Tech Crunch.
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