Advantages of SPACs Over Traditional IPOs
SPACS and the Automotive and Mobility Sector
Many of the SPAC transactions behind the late 2020 SPAC uptick were driven by
companies propelling connected, autonomous, shared, and electrified technologies.
Relevant examples include: (i) Graf Industrial Corp.'s US$1.8 billion business combination with
Velodyne Lidar (solutions for autonomy and driver assistance); (ii) Churchill Capital Corp.
US$11.8 billion merger with Lucid Motors (maker of EVs); (iii) REE Automotive's (maker of EV
platforms) merger with 10x Capital Venture Acquisition Corp. for US$3.1 billion; (iv) the
US$2.5 billion merger between Faraday & Future (maker of EVs) and Property Solutions
Acquisition Corp.; and (v) Decarbonization Plus Acquisition Corporation's US$2 billion
acquisition of Hyzon Motors (supplier of electric commercial vehicles and trucks)
Morgan Lewis
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