Shareholders approved Friday EV startup Lucid Motors’ merger with special purpose acquisition company Churchill Capital IV, after the companies extended the deadline by one day because not enough retail investors showed up to cast their vote.
The issue is an unusual but could become more common as more companies eschew the traditional IPO path to public markets and instead merge with SPACs.
The issue came on Thursday, when shareholders voted to approve all but one of the proposals as part of the merger — proposal two, which would revise the company’s charter so that Lucid could receive key financing. That proposal requires a higher number of votes than the