CIIC - Why CIIG Merger Shares Jumped Today
Shares of CIIG Merger (NASDAQ: CIIC) jumped more than 13% this morning before settling at 9% higher as of 11:30 a.m. EST.
CIIG Merger is a special-purpose acquisition company (SPAC) that is combining with electric van and bus start-up Arrival to form a public company valued at $5.4 billion.
After shares in CIIG more than doubled in November, a general reversal in electric-vehicle (EV) names moved the stock down more than 20% in the last week. Today, some investors are taking advantage of that to get in before the company's merger is completed in early 2021.
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Why CIIG Merger Shares Jumped Today