CCIV - Why Churchill Capital IV Stock Dropped Today
Shares of special purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV) started a sharp increase on Jan. 11 when rumors that it was in talks to merge with luxury electric vehicle (EV) maker Lucid Motors began to spread.
The daily swings in the stock continue today, but to the downside. As of 10:40 a.m. EST Wednesday, shares in Churchill Capital were down 9%, after having dropped more than 16% earlier in the session.
In addition to the merger rumor, news that Lucid was in talks with Saudi Arabia's sovereign wealth fund to build a new EV factory in the kingdom spurred strong gains in Churchill Capital shares earlier this week. The Saudi fund is already a large investor in Lucid Motors.
For further details see:
Why Churchill Capital IV Stock Dropped Today