Lucid Clinches SPAC Deal With 11th-Hour Appeal to Retail Holders

Lucid Motors Inc.’s last-gasp appeal to investors succeeded in pushing through approval for the electric-car startup’s deal to go public by merging with a blank-check company.

Churchill Capital Corp. IV, the special-purpose acquisition company that’s buying closely held Lucid, said Friday the companies rounded up enough extra votes from Churchill shareholders after extending the voting deadline. The stock gained 2.5% at 11:33 a.m. in New York.

“We thank our shareholders both institutional and retail, both new and old for their overwhelming support,” said Michael Klein, the investment banker who founded Churchill, during Friday’s shareholder meeting. The meeting had ...