Lucid Motors Inc. won't be merging with a blank-check company - at least not just yet. At its shareholder meeting June 22, 2021, Churchill Capital Corp. IV (NYSE:CCIV), Lucid's planned merger partner, failed to get enough votes from investors to complete the $32 billion deal.

The special purpose acquisition company will try again Friday to secure the votes it needs. On a call with shareholders following the meeting, Michael Klein, the billionaire investor behind Churchill IV, suggested that at least some of them might have missed the vote because the proxy statements the company sent via email got deflected to their spam folders. Additionally, other, novice investors may be unaware of the need to vote to complete the merger with the Newark-based luxury electric auto maker, he said.