On Monday, YSE:CCIV rose 7% as the merger deadline approaches.
The CCIV and Lucid votes will take place on July 22.
If the vote approves, the merger will take place on July 23.
Update June 30: Despite no major fresh news from the company, the stock has risen 10% so far this week as the official merger approaches. It appeared to be a given result, but markets prefer certainty, which could explain the spike. CCIV shares closed at $28.82 on Wednesday, up slightly under 10%.
As the countdown to the merger with Lucid Motors continues, Churchill Capital IV (NYSE: CCIV) is trading at $27, retaining gains. On July 23, the SPAC company’s shares will be given the ticker LCID, and traders aren’t waiting. CCIV is holding at $27 after a 7 percent gain on Monday. It’s important to realize that this is a 50 percent increase over the spring low. Analysts have given Lucid’s electric vehicles high marks.
NYSE:CCIV is one step closer to being a publicly traded corporation, and the business’s devoted stockholders are overjoyed. On Friday, CCIV rose 1.33 percent to $25.18, demonstrating strength on a day when the overall markets were mainly flat and the electric car industry was trading down. CCIV is still trading at a discount to its overvalued all-time high of $64.86, but as Lucid Motors approaches the merger deadline, it should gain further traction in July.
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The merger date has been set for July 23rd, pending a shareholder vote, which will almost certainly pass. Lucid is slated to join an electric vehicle sector that is already overloaded with both new and legacy manufacturers, and the merger has been one of the most widely awaited SPAC acquisitions in recent years. Lucid, on the other hand, is aiming for the ultra-high-end segment of the market, relying on high-end craftsmanship, performance, and exclusivity to set itself apart. Lucid has some catching up to do in the coming years, with just over 500 of its Lucid Air models expected to hit the road in 2021.
Despite the recent failures of SPAC automakers such as Lordstown Motors (NASDAQ:RIDE) and Nikola (NASDAQ:NKLA), another carmaker is preparing to go public via a reverse merger. Embark, a self-driving truck firm, is preparing to go public after agreeing to merge with Northern Genesis Acquisition Corp II (NYSE:NGAB) in a deal valued at over $4.5 billion. Sequoia Capital and Tiger Global are now two of Embark’s primary investors ahead of the merger.
Updates from the past 28th of June: Churchill Capital Corp IV rose 7.31 percent on Monday, closing the day at $27.00 a share. Stocks rose significantly at the start of the day, but there was no follow-through. In fact, the Nasdaq and S&P 500 indexes both set new highs, with the DJIA losing 150 points at the closing. However, as the merger with Lucid Motor approaches, the outlook for CCIV is bright, independent of market mood.
On July 22, CCIV shareholders will vote on whether or not to approve the proposed merger with Lucid Motors. Because of the high level of interest among individual investors, the vote is almost certain to pass, with the official merger date set for the next day. CCIV shares have reacted positively to the news, rising over 8% to $27.15 in the first half hour of trade on Monday.
Previous updates
June 29th update: On Monday, Churchill Capital Corp IV ended a two-day losing trend by rallying almost 7%, kicking off the week on a positive note. The CCIV stock rose to three-week highs of $27.36 before settling at $27 for the day. Despite a mixed finish on Wall Street indices, the stock price surged. The euphoria around its merger with Lucid Motors, as well as rumors that Lucid’s Dream Edition will be delayed until the second half of 2021, keep the blank-check corporation buoyant./n
