Churchill V, sibling of Lucid Motors SPAC partner, signs LOI for merger deal

SPAC Churchill Capital V (NYSE:CCV), whose sister SPAC took Lucid Motors public last year, has entered into a non-binding letter of intent to acquire a undisclosed company.

The SPAC said that it has until March 18 to consummate the deal or face liquidation, unless its shareholders vote to again extend its termination deadline. Churchill V was originally slated to be terminated on Dec. 18 if it hadn’t completed a deal.

In June 2021, Churchill V was reported to be in talks to acquire online retailer Thrasio, which was said to be valued as much as $10B. The deal was reportedly put on hold over problems stemming from a financial audit.

Churchill V held its initial public offering on Dec. 18 2020, raising $500M. Its chief executive officer, Michael Klein, has also founded several other SPACs, including Churchill IV, which took Lucid Motors (LCID) public in July 2021, raising the EV maker $4.4B.

Other Churchill SPACs are still active. Churchill VI (CCVI) and Churchill VII (CVII) both went public in February 2021, raising $480M and $1.2B, respectively. Churchill VII (CVII) was reported last December to be in talks to take Indian edtech Byju public at a valuation of around $48B.