Why Churchill Capital IV's Stock Is Soaring at Monday's Open

Shares of Churchill Capital IV (NYSE: CCIV) have more than doubled since the first week in January when speculation began circling that the special purpose acquisition company (SPAC) might bring luxury electric-vehicle maker Lucid Motors public.

In premarket trading Monday morning, Churchill Capital stock jumped almost 50% before settling back down. As of 9:30 a.m. EST, shares were trading 21% above Friday's closing price.

The jump comes after The Financial Times reported overnight that Lucid is in talks with Saudi Arabia's sovereign wealth fund to build a new EV factory in the kingdom. The Saudi fund is already a major holder in Lucid after it invested more than $1 billion in 2018.

Source Fool.com