Why Churchill Capital IV Stock Continues to Move Higher
The stock of Churchill Capital IV (NYSE: CCIV) already had a big run entering this week. But it's jumped another 90% since Monday, including today. In early trading, shares of the special purpose acquisition company (SPAC) were up almost 7% before settling back to a 4% gain as of 11:15 a.m. EST.
Rumors of a merger with promising electric-vehicle (EV) maker Lucid Motors started the run-up in the stock last month. More hints that an announcement is forthcoming kept investor interest high, but the SPAC itself now has a market capitalization of $15 billion, without any operating assets. That is at the high end of an estimated valuation for a combined Lucid merger based on just a $10 share price -- today shares are trading at about $60.
Lucid Air luxury electric sedan. Image source: Lucid Motors.
Source Fool.com
