Why Churchill Capital IV Stock Soared 188% in 2021's First Half
Shares of Churchill Capital IV (NYSE: CCIV) have had more of a wild ride in 2021 than most other special purpose acquisition companies (SPACs). The stock soared more than 450% as investors anticipated a merger announcement with promising electric vehicle (EV) company Lucid Motors. Then shares crashed after details of the transaction were announced in February 2021. But after a merger date was set, the stock jumped once again. All told, shares of the SPAC were 188% higher in the first half of the year.
Churchill Capital IV was worth more than $15 billion at its peak as investors speculated the blank check company would bring Lucid Motors public early in the year. That's quite a valuation for a company that had no assets, and no guarantee of how a merger with Lucid would look, if it even came to fruition.
Luxury electric Lucid Air sedan. Image source: Lucid Motors.
Source Fool.com
