The lucid SPAC gives up some giant profit after the agreement is confirmed
(Bloomberg) – Shares in the blank check firm combining with electric vehicle startup Lucid Motors Inc. plunged into U.S. trading after confirming the largest SPAC merger yet to cash in on investor enthusiasm for the battery-powered car. The special purpose acquisition company run by financier Michael Klein fell as much as 46% on Tuesday after confirming its merger with Lucid. The deal will generate approximately $ 4.4 billion in cash for the 14-year-old automaker, which has announced that production of its debut model will be delayed to the second half of this year. The collapse follows a dramatic 472% increase in …
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- According to this source Mac Armstrong, CEO and President of Palomar Holdings Inc (PLMR), sold $ 1.1 million in shares
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