Why Shares of Churchill Capital IV Zoomed 32% Higher Today

Churchill Capital Corp IV (NYSE: CCIV) accelerated to close nearly 32% higher on Tuesday. News that the special purpose acquisition company (SPAC) is pushing forward with its rumored merger with high-end electric vehicle (EV) maker Lucid Motors drove shares up.

On Tuesday, Reuters reported that according to "people familiar with the matter," Churchill has begun talks with investors aimed at raising at least $1 billion in a type of financing called private investment in public equity (PIPE). According to the news agency, this could draw as much as $1.5 billion.

Image source: Lucid Motors.

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Source Fool.com