Shares of special purpose acquisition company Churchill Capital Corp IV are sinking after it announced last night a deal to merge with high-end electric vehicle maker Lucid Motors. Bloomberg, Reuters and Wall Street Journal have all previously reported on the potential deal. Churchill Capital Corp IV and Lucid are combining at a transaction equity value of $11.75B. The transaction values Lucid at an initial pro-forma equity value of approximately $24B at the PIPE offer price of $15.00 per share and will provide Lucid with approximately $4.4B in cash. Peter Rawlinson will continue to lead Lucid. The company currently employs nearly 2,000 people in the U.S. and expects to grow to 3,000 employees by the end of 2022. Shares of Churchill Capital Corp IV are down 37%, or $21.49, to $35.88 in premarket trading.