Lucid is officially merging with special purpose acquisition company Churchill Capital IV (CCIV) in a deal worth an estimated $24 billion.

The deal will generate roughly $4.4 billion in cash for the electric automaker, funds which help it bring vehicles to the market while also aggressively expanding its factory in Arizona. The agreement also included a $2.5 billion private place in public equity (PIPE) led by investors including BlackRock, Fidelity Management, Franklin Templeton, Neuberger Berman, Wellington Management and Winslow Capital. Also included in the transaction is a cash contribution of approximately $2.1 billion from CCIV.

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“CCIV believes that Lucid’s superior and proven technology backed by clear demand for a sustainable EV make Lucid a highly attractive investment for Churchill Capital Corp IV shareholders, many of whom have an increased focus on sustainability,” chairman and chief executive of CCIV Michael Klein said in a statement. “We are pleased to partner with Peter and the rest of Lucid’s leadership team as it delivers the highly anticipated Lucid Air to market later this year, promising significant disruption to the EV market and creating thousands of jobs across the U.S.”

Lucid Motors secured more than $1 billion in investments from Saudi Arabia’s Public Investment Fund (PIF) in 2018 and Klein has served as a key advisor for the PIF, inevitably helping the reverse-merger becoming a reality.

CCIV’s share price dropped by as much as 26 per cent in after-hours trading after the deal was announced.

“Lucid is proud to be leading a new era of high-technology, high efficiency zero-emission transportation,” added Lucid chief executive and chief operating officer Peter Rawlinson, “Through a ground-up rethinking of how EVs are designed, our in-house-developed, race-proven technology and meticulous engineering have enabled industry-leading powertrain efficiency and new levels of performance. Lucid is going public to accelerate into the next phase of our growth as we work towards the launch of our new pure-electric luxury sedan, Lucid Air, in 2021 followed by our Gravity performance luxury SUV in 2023.”