The Daily Dish (09/01/21)

Lucid Motors Drops As Much as 19% Ahead of Lockup Expiry 

Lucid shares continue to come under pressure as the share lockup is set to expire today. Shares of Lucid Motors fell as much as 19% when the market opened now that some investors can sell stock following the company’s SPAC listing in July.

Many of the company’s largest shareholders like affiliates of BlackRock, Fidelity, Franklin Templeton and Neuberger Berman were kept from selling shares before September 1st. Lucid stock is now set for its 14th straight day of decline and has roughly fallen 25% since its merger with Churchill Capital.

Lucid is seen by many as a Tesla competitor that specialises in high-end luxury electric vehicles. Lucid CEO Peter Rawlinson believes that the company is well-positioned to compete with Tesla in the future.

The company restated this week that it is planning to deliver its first car in the hands of its customers, The Lucid Air, a luxury sedan with a range of 500 miles, by the end of the year.

Citigroup Chief Planning $200 Million SPAC IPO

Former Citigroup CEO Vikram Pandit is looking to launch a SPAC and plans to raise around $200 Million.

Pandit led Citigroup between 2007 and 2012 and had recently joined SPAC Compass Digital Acquisition Group as a senior advisor.

The SPAC proposed by Pandit will target companies in artificial intelligence, analytics, cloud enablement, cybersecurity, blockchain, healthcare transformation and software-as-a-service.

Former Wipro Ltd CEO Abidali Abid Neemuchwala is set to be the SPAC’s chairman and CEO, while Burhan Jaffer will be a chief financial officer.

CarLotz Hit With Multiple Lawsuits After SPAC Listing 

Richmond Based used car retailer CarLotz is taking a lot of heat from its shareholders, eight months after it went public in a SPAC deal earlier this year.

Disgruntled shareholders of the company are now claiming that the company violated multiple federal securities laws in the months leading up to its listing in January.

Looking into the lawsuits, shareholders claim that the company knowingly omitted important information in documents and public statements related to its financial state.

This includes information related to sales and inventory constraints that have since caused a severe decline in the stock price.

The company’s stock closed at $4.11 per share on Tuesday and has been on a steady decline after hitting $11.25 on the day of its initial listing.

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