- YSE: CCIV adds 7% Monday as the merger date approaches.
- The CCIV and Lucid vote will take place on July 22.
- The merger is then expected to take place on July 23 if the vote passes.
Updated July 1 Buying interest around CCIV shares has not waned, with the company recording the first monthly gain in four. CCIV stock rose 10% to three-month highs at $ 28.95. The shares closed at $ 28.82, gaining some bullish momentum ahead of the highly anticipated merger with Lucid Motors. Additionally, the company’s pre-order data also emerged as one of the main catalysts for the price spike. The company SPAC boasted of having had 10,000 pre-orders for its flagship vehicle Lucid Air.
NYSE: CCIV is on the cusp of being officially a publicly traded company, and its loyal shareholders are thrilled. On Friday, CCIV gained 1.33% to close the trading session at $ 25.18, showing strength on a day when broad markets were mostly flat and the EV sector traded lower. CCIV is still well below its record over-inflated price of $ 64.86, but is expected to see more momentum around July as Lucid Motors nears the merger date.
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This merger date has been virtually set for July 23, pending a shareholder vote which will undoubtedly pass.. The merger has been one of the most anticipated PSPC deals over the past two years, and Lucid is poised to join an electric vehicle industry that is already overcrowded with new and old automakers. Lucid, however, targets the ultra premium class of vehicles and relies on top-of-the-range know-how, performance and exclusivity to stand out from the competition. With just over 500 of its Lucid Air models slated to hit the road in 2021, Lucid has some catching up to do in the years to come.
CCIV stock market news
Even after the recent failures of SPAC automakers like Lordstown Motors (NASDAQ: RIDE) and Nikola (NASDAQ: NKLA), another automaker goes public via a reverse merger. Autonomous truck company Embark is on the verge of going public after agreeing to merge with Northern Genesis Acquisition Corp II (NYSE: NGAB), in what would be a deal worth more than US $ 4.5 billion. So far, Sequoia Capital and Tiger Global are two of the main investors in Embark before its merger.
Update June 28: Churchill Capital Corp IV advanced on Monday, adding 7.31% to end the day at $ 27.00 per share. Stocks opened sharply higher, but there was no follow-up. In fact, both the Nasdaq and the S&P set record highs, keeping uneven gains at the close, although the DJIA lost 150 points. For CCIV, however, the picture is bullish regardless of market sentiment as the Lucid Motor merger looms.
CCIV shareholders meet on July 22 to decide whether to approve the proposed merger with Lucid Motors. The enthusiasm of retail investors means that the odds are surely in favor of the vote, with the next day being the official date of the merger. CCIV shares have taken the news well and are up nearly 8% in the first half hour of Monday trading at $ 27.15.
June 30 update: Another 10% day, despite no significant news from the company, shares have so far surged this week as the official merger nears. It seemed like a given, but markets like certainty so this may have been the source of the surge. CCIV stock closed at $ 28.82 on Wednesday, up just under 10%.
Update June 29: Churchill Capital IV (NYSE: CCIV) is trading around $ 27, holding onto gains as the Lucid Motors merger countdown continues. SPAC company shares are expected to receive the LCID ticker on July 23, and traders are not waiting. After Monday’s jump of some 7%, CCIV retains $ 27. Importantly, this represents a 50% increase from the low recorded in the spring. Lucid electric vehicles receive high praise from analysts.
Update June 29: Churchill Capital Corp IV ended its two-day losing streak and rose more than 7% on Monday, starting the week on a positive note. In doing so, CCIV stock hit three-week highs at $ 27.36 before ending the day at $ 27. The stock price surge came despite a mixed close in Wall Street indices. Optimism about its merger with Lucid Engines and the gossip that Lucid’s Dream Edition would be pushed back to the second half of 2021 keeps sentiment around the blank check company sustained.