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CCIV surge on news of plans to take Lucid Motors public via SPACChurchill Capital Corp IV extends 2-day surge to over 50% on news of plans to take Lucid Motors public via SPAC Shares of Churchill Capital Corp. IV are up over 50% in a two-day streak to start the week. News of the SPAC potentially taking EV company Lucid Motors public is driving the share price higher. The fourth of seven 'blank-check' companies operated by Michael Klein, Churchill Capital Corp. IV's plan for Lucid Motors would keep the SPAC craze going in 2021. the partner firm is Lucid Motors, a relatively well-established EV manufacturer based out of Newark, California, and which targets the luxury end of the car market. The deal could potentially value Lucid at $15 billion, according to Bloomberg. markets.businessinsider.com
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by AlenCiken
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EV-Tech Company Proterra to Go Public Through ArcLight SPACProterra, Commercial Electric Vehicle Technology Leader, To Become Publicly Listed Through Transaction with ArcLight Clean Transition Corp. Provides Resources to Take Proterra's Proven Portfolio of Next Generation Electric Vehicle Technology to New Levels of Growth Includes $415 Million PIPE Investments Anchored by Daimler Trucks as well as Franklin Templeton, Chamath Palihapitiya, Fidelity Management & Research Company LLC, and Funds and Accounts Managed by BlackRock Proterra to Have up to $825 Million in Cash to Fund Growth The transaction is expected to deliver approximately $648 million in cash at closing, including approximately $278 million of cash held in ArcLight Clean Transition Corp.'s trust account from its initial public offering in September 2020. Transaction Represents Enterprise Value of $1.6 Billion for Proterra Proterra has generated strong results to date, including $193 million of expected 2020 revenue, $750 million in existing orders and backlog and 26% gross margin expansion over the last three years. It is expected to close in the first half of 2021, subject to the satisfaction of customary closing conditions, including the approval of ArcLight Clean Transition Corp.'s shareholders. finance.yahoo.com
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by AlenCiken
EV Startup Faraday Said in SPAC Merger Talks to Go PublicEV Startup Faraday Said in SPAC Merger Talks to Go Public Faraday & Future Inc., an electric-vehicle startup, is in talks to go public through a merger with Property Solutions Acquisition Corp., a blank-check firm, according to people with knowledge with the matter. The special purpose acquisition company is seeking to raise more than $400 million in equity to support the transaction, which is slated to value the combined entity at around $3 billion, the people said. As with all deals that haven’t been finalized, it’s possible that terms change or talks fall apart. A Faraday spokesman didn’t respond to multiple requests for comment. A Property Solutions representative declined to comment. Los Angeles-based Faraday, led by Chief Executive Officer Carsten Breitfeld, was founded by Jia Yueting, an entrepreneur who in October 2019 filed for bankruptcy in the U.S. after running up billions of dollars in personal debt. His efforts to build a business empire in China spanning interests from streaming to TVs saw him borrowing against pledged shares, leaving him on the hook for $2.3 billion in claims, according to the filing. The ranks of automakers seeking to compete with Tesla Inc. in electric vehicles are heavily populated by Chinese startups. Investors were gripped by a mania for all things related to EVs in 2020, boosting Chinese car company Nio Inc.’s valuation. www.bloomberg.com
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by AlenCiken
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$THCB NEXT EV BATTERY COMPANY TO EXPLODE (20% SPIKE SOON)This EV Company continues to remain very much under the radar due to the main attention being on $QS QuantumScape exploding over $100 the last week. In fact, I think it should be the exact opposite... Microvast should be the EV Battery company exploding. The company is generating revenue $100 Million in 2020 (Nothing Insane), but is already ahead of QuantumScape (Projected to Generate Revenue in 2025). Microvast has an international presence: Headquarters in Houston, TX Manufacturing Center in Huzhou, China Power Systems in London, UK GmbH in Frankfurt, Germany Microvast is positioning themselves perfectly for Company Growth. The company is already manufacturing and selling Fast Charging Batteries and distributing them internationally. Microvast's products are currently being utilized in commercial vehicles, but provides AUTOMOTIVE TECHNOLOGY INMOTION with their fast-charging battery modules for our new LMP3 racing car. This just shows how much quality Microvast's batteries are. Microvast is known for winning the prestigious R&D100 AWARD. This is an award that recognizes the most promising new products, processes, or materials that are being developed and introduced throughout the world. I encourage all of you to do your own research and consider entering a position.
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by AlexCutler247
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EVBox Group to Become Public Company via Spac TPGYEVBox Group to Become Public Company via Business Combination with TPG Pace Beneficial Finance EVBox is a leading global provider of smart charging solutions for electric vehicles ("EV") with Europe’s largest installed base of charging solutions and the most advanced cloud-based software offering. ENGIE to Retain 40+% Ownership Institutional Investors Including Funds and Accounts Managed by BlackRock, Inclusive Capital Partners, Neuberger Berman Funds and Wellington Management to Invest Additional $225 Million of Equity Through Private Placement at Closing EVBox Group to be Listed on the NYSE Following Close Expected Late Q1-2021 Following the transaction, EVBox expects to have more than $425 million of cash on its balance sheet, including a portion of the proceeds of TPG Pace’s fully committed Private Investment in Public Equity ("PIPE") of $225 million, $100 million from TPG Pace’s Forward Purchase Agreements and $350 million of cash held in TPG Pace’s trust account. EVBox offers a portfolio of both hardware and enterprise software solutions and has built the industry’s largest installed base of EV charging solutions, with more than 190,000 charge ports across 70 countries. The business combination values EVBox at an implied $969 million enterprise value , and a total pro-forma equity value of approximately $1.394 billion. finance.yahoo.com
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by AlenCiken
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indie Semiconductor Enters Definitive Merger Agreement with THBRindie Semiconductor Enters Definitive Merger Agreement with Thunder Bridge Acquisition II, Ltd. indie Semiconductor is a leading pure-play provider of next-generation semiconductor and software solutions for the rapidly growing Autotech market, enabling ADAS/Autonomous, Connectivity, User Experience and Vehicle Electrification applications Business combination with Thunder Bridge Acquisition II, Ltd. (Nasdaq: THBR) positions indie to capitalize on >$2B of strategic backlog and an additional $2.5B in identified pipeline opportunities driven by deep relationships with Tier 1 automotive suppliers Provides up to $495M in cash to the combined company before expenses, comprised of up to $345M in cash held by Thunder Bridge II in trust assuming no redemptions and an upsized $150M fully committed common stock PIPE at $10.00 per share, including anchor investments from leading long-term institutional shareholders Estimated post-transaction equity value of approximately $1.4B based on current assumptions; expected to be listed on the Nasdaq under the ticker symbol INDI following an anticipated transaction close in the first quarter of 2021 indie shareholders will rollover 100% of their equity positions through indie’s transition into the publicly listed entity Net proceeds from the transaction to accelerate deployment of solutions to existing customers and fund pent-up demand for additional programs Today, indie’s automotive semiconductor portfolio addresses a $16 billion market, according to IHS, which is expected to exceed $38 billion by 2025 driven by strong demand for silicon and software content in automobiles. indie’s best-in-class, mixed signal system-on-a-chip (SoC) solutions are currently on 12 Tier 1 approved vendor lists, contributing to a strategic backlog position of more than $2 billion, defined as projected revenues based on existing contracts, design and pricing terms and historic production trends. finance.yahoo.com
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by AlenCiken
Former GM Executive to Start a Blank-Check Company QELLFormer GM Executive to Start a Blank-Check Company Qell Acqusition corp Engle has co-founded a SPAC called Qell Acquisition Corp., using his own cash and a healthy slug of money from PIMCO Investment Management, the giant investment firm with almost $2 trillion in assets. And why not? While GM has beaten market returns by a few points this year, most auto stocks have been flat or down in 2020. Meanwhile, Tesla Inc. has tripled in value this year and investors have poured cash into at least 15 EV-related startups like Nikola, Fisker Inc. and Lordstown Motors Corp. All in, blank-check firms have raised $70 billion this year. Engle is looking to acquire a company that will profit off the rapid changes happening in transportation no matter which company wins the EV or even self-driving game. He is looking at companies that can supply charging network hardware or services, or software and data collection for electric or self-driving vehicles. He sees opportunities in autonomous technology, telematics and infotainment. Power sports and motorcycles are just being electrified, which also present early opportunities. There is less competition, so plug-in bikes that serve Asia could be a strong play, he said. There are also emerging companies that will build small electric aircraft for short-haul flights or to ferry people in congested cities. Engle said Qell will consider companies with no revenue, but he prefers “real companies that have a product and revenue or are soon to be bringing in revenue.” “If the money that gets raised is applied to emerging growth companies that have a revenue stream and a line of sight toward significant growth, they have a better chance,” Spitzer said. “If SPACs have no track record of putting money into an early-stage company, I’m skeptical. Engle has been in that world and knows it.” www.bloomberg.com
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by AlenCiken
Lightning eMotors to List on New York Stock Exchange Through GIKUrban Commercial Zero-Emission Vehicle Company Lightning eMotors to List on New York Stock Exchange Through Merger with GigCapital3, Inc. Urban Commercial Zero-Emission Vehicle Company Lightning eMotors to List on New York Stock Exchange Through Merger with GigCapital3, Inc. Production expected to reach 20,000 medium duty commercial electric vehicles by 2025 High revenue visibility with 100% of projected 2021 revenue of $63 million and 25% of 2022 projected revenue of $354 million under firm purchase orders as of today, and strong line of sight to $2 billion in projected 2025 revenue, including $1 billion from existing fleet customers Transaction supported by $125 million of gross proceeds from the issuance of equity and convertible financings in a Private Investment in Public Equity (PIPE) transaction, including a commitment from BP Technology Ventures and other leading institutional investors Pro forma implied equity value of the merger is approximately $823 million, at $10.00 per share. The transaction will be funded by (i) the issuance of approximately $539 million in new common stock of GigCapital3 to current holders of Lightning eMotors securities (ii) cash from the GigCapital3 trust account of approximately $202 million, assuming no redemptions by GigCapital3’s stockholders. the proposed business combination is expected to be completed in the first half of 2021. finance.yahoo.com
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by AlenCiken
Electric Last Mile to List on Nasdaq Through Merger With FIIIEV Company Electric Last Mile to List on Nasdaq Through Merger With Forum Merger III Corporation Pro forma implied equity value of the combined company is approximately $1.4 billion at closing, at a $10.00 per share price and assuming no redemptions by Forum shareholders. ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S. market in the third quarter of 2021 Transaction supported by approximately $155 million in fully committed PIPE and related financing anchored by institutional investors including BNP Paribas Asset Management Energy Transition Fund and Jennison Associates LLC Approximately $379 million of gross proceeds expected from the transaction to be used to fund operations and growth Anticipated proceeds from the proposed business combination expected to sufficiently fund initial product launches ELMS has over 30,000 pre-orders from customers including leading brands and some of the largest fleet managers and dealers in the country. The boards of directors of both Forum and ELMS have unanimously approved the proposed transaction, which is expected to be completed in the first quarter of 2021. finance.yahoo.com
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by AlenCiken
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EV Company Last Mile to List on Nasdaq Through Merger With FIIIEV Company Electric Last Mile to List on Nasdaq Through Merger With Forum Merger III Corporation Pro forma implied equity value of the combined company is approximately $1.4 billion ELMS expects to launch its Urban Delivery van as the first electric Class 1 commercial vehicle in the U.S. market in the third quarter of 2021 Transaction supported by approximately $155 million in fully committed PIPE and related financing anchored by institutional investors including BNP Paribas Asset Management Energy Transition Fund and Jennison Associates LLC Approximately $379 million of gross proceeds expected from the transaction to be used to fund operations and growth Upon closing of the transaction, which is expected to occur in the first quarter of 2021, the combined company will be named Electric Last Mile Solutions, Inc. and will continue to be listed on the Nasdaq Capital Market under the new ticker symbol, “ELMS To date, ELMS has over 30,000 pre-orders from customers including leading brands and some of the largest fleet managers and dealers in the country. www.businesswire.com
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by AlenCiken
CAN'T SPELL GAINS WITHOUT NGAWho amongst us likes the color red? If you're color blind don't answer. I know I don't, so I READ into NGA's chart a little more. This thing is so solid the words liquid and gas literally are not in its vocabulary. And I know what you're thinking, oh wow another EV company, NKLA did so well. Well let me put those fears to rest much like Nikola Tesla himself was put to rest many years ago. It's ELECTRIC. Don't be SHOCKED to see $20 soon. I literally reCOIL at anyone who doubts its potential energy. tl;dr buy buy buy (no backstreet boys)
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by thestonks
Cramer Says Arrival Has The 'Best Claim To Be The Son Of TeslaCramer Says This EV Startup Has The 'Best Claim To Be The Son Of Tesla,' Gives Blessing To Buy SPAC Stock The “Mad Money” host said on his CNBC show that if the stock “comes down below $17.50, you can buy it hand over fist, because this one has the best claim to be the son of Tesla — or daughter, to break the tyranny of that awful cliche.” The automaker, backed by United Parcel Service, Inc (NYSE: UPS), Hyundai Motor Company (OTC: HYMTF), and BlackRock Inc (NYSE: BLK) is “revolutionizing the entire auto industry, and they own a ton of intellectual property,” according to Cramer. “They make all their own components, they’ll be cost competitive with gasoline and diesel, and that’s why Arrival got that $5 billion valuation from the get-go,” explained Cramer. Cramer said Arrival’s microfactory concept could have an impact beyond auto industry and it could “revolutionize manufacturing.” “If they can make an electric van or truck with a lower cost of ownership than the fossil fuel-powered alternatives, that’s a whole new ballgame,” the former hedge-fund manager theorized. Why It Matters: The merger between CIIG Merger and Arrival was reported last month. The former is backed by Peter Cuneo, the former CEO of Remington and Marvel. BlackRock has pumped in 8 million into Arrival, which would allow the London-based company to open a manufacturing facility in the United States. stock UPS has placed an order of 10,000 electric vans with Arrival, worth approximately $500 million.
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by AlenCiken