Electrical car maker Lucid Motors Inc. is in talks to go public by way of a merger with a special-purpose acquisition firms run by former Citigroup rainmaker Michael Klein, in accordance with individuals aware of the matter.

A transaction might be valued at as much as $15 billion, the individuals stated, asking to not be recognized as a result of the matter is personal. Lucid, which is backed by Saudi Arabia’s sovereign wealth fund, is working with monetary advisers, the individuals added. The talks are ongoing however may nonetheless collapse.

Representatives for Lucid Motors and Klein declined to remark.

Klein has two SPACs which can be on the hunt for offers. Churchill Capital Corp IV — the biggest one, having raised greater than $2 billion billion final yr — is the car contemplating a take care of Lucid, a number of the individuals stated.

Churchill Capital Corp IV shares have been up 17 % to $11:75 in Monday afternoon buying and selling.

That SPAC expressed curiosity in shopping for a stake in AT&T Inc.’s DirecTV satellite-television enterprise, Bloomberg Information beforehand reported. The blank-check firm’s talks with DirecTV have since stalled, individuals aware of the matter stated. A consultant for AT&T declined to remark.

SPAC EV rush

A number of electrical car makers have carried out offers with SPACs as startups search to bulk up and lift money to compete with business chief Tesla Inc. Lucid can be probably the most established electrical car firms to take this route.

Faraday & Future Inc. is in talks to merge with Property Solutions Acquisition Corp., individuals aware of the matter stated this week, whereas Nikola Corp. and Fisker Inc. went public by way of blank-check offers final yr.

Lucid targets the luxurious finish of the market and its CEO, Peter Rawlinson, was beforehand Tesla’s chief engineer on the Mannequin S sedan. Backers embrace Public Funding Fund, Saudi Arabia’s sovereign wealth fund, which has invested greater than $1 billion within the firm.

The corporate was based in 2007 underneath the identify Atieva and spent years being extra targeted on battery expertise than pursuing growth of a luxurious automotive. It pivoted in 2016, modified its identify to Lucid, and started work on what would change into its major mannequin, the Air.

Lucid plans to begin deliveries of a $169,000 electrical sedan to U.S. prospects within the second quarter. The Air EV, which the corporate says can do greater than 500 miles on a single cost, might be constructed at a manufacturing unit in Casa Grande, Arizona. It plans to supply extra inexpensive variations of the Air from 2022 and later planst to construct a battery-electric utility car.