Why Churchill Capital IV Stock Slumped Today

Today was supposed to be a milestone day for owners of Churchill Capital IV (NYSE: CCIV) stock. The special purpose acquisition company (SPAC) scheduled a shareholder meeting to close the highly anticipated merger with electric vehicle maker Lucid Motors. The stock has been up as much as 3.2% and swung down by 4.8% on the day as the meeting was adjourned with one item left unresolved. As of 3:15 p.m. EDT, shares remained down by about 3%.

Six of the seven proposals related to the business combination with Lucid Motors were overwhelmingly approved, according to the company. But the meeting will reconvene at 9 a.m. EDT tomorrow to give stockholders more time "given the higher required threshold for the proposal to adopt the post-closing company's certificate of incorporation," the company said in a statement.

Source Fool.com