$CCIV - a 24B valuation only applies to the PIPE which includes a huge cash injection. Here’s the breakdown: PIPE pays $15/share, at a pro forma value of $24B (including net cash). Trust pays $10/share, implies pro forma $16B. Lucid is receives a "net cash" injection of $4.4B. **This roughly works out to be valuation at 11.75B.** People read 24B and got confused. I know I did. Hell it took me 20 minutes to figure this out.