Why SPAC Churchill Capital IV's Stock Is Higher Today

Shares of Churchill Capital IV (NYSE: CCIV.U) were trading higher on Tuesday, a day after Bloomberg reported that the special-purpose acquisition company (SPAC) is close to a deal to take electric-vehicle maker Lucid Motors public. 

As of 2:15 p.m. EST, the SPAC's shares were up about 10.8%.

Bloomberg reported on Monday that Churchill, a SPAC formed by former Citigroup executive Michael Klein, is close to a deal to take Lucid Motors public at a valuation around $15 billion.

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Source Fool.com