- NYSE:CCIV fell by 2.37% on Tuesday amidst a broader market pull back following the long weekend.
- Lucid rival Tesla stumbles as Musk admits FSD difficulties.
- Lucid could be in for some post-merger decline if history is any indication.
NYSE:CCIV has extended its decline from last week, even as the investor sentiment on social media continues to be positive ahead of its merger with Lucid Motors. On Tuesday, shares of CCIV dipped by 2.37% to close the day at $26.38, as growth stocks pulled back following the Government of Israel reporting a decline in Pfizer’s (NYSE:PFE) COVID-19 vaccine efficacy. Despite the recent pull back, CCIV is still gaining momentum into the July 22nd shareholder vote before a merger that has made headlines in the investing world since it was first announced back in February.
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The EV sector fell alongside the broader markets on Tuesday, and as usual it was led by industry leader Tesla (NASDAQ:TSLA) which fell by 2.9% during the session. Tesla CEO Elon Musk made comments over the weekend about how the rollout of its FSD Full Self Driving technology has run into some roadblocks. The launch date has been continuously pushed back over the past few months, and Tesla investors could be feeling uneasy about how the company has handled it. Lucid includes driver assistance technology although the company has been hesitant to use the terms self-driving or autonomous driving for its Lucid Air sedans.
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Lucid investors may need to be aware of the post-SPAC merger decline that has plagued many of the companies that have gone public using this vehicle. Stocks like ShareCare (NASDAQ:SHCR), Clover Health (NASDAQ:CLOV), Desktop Metals (NYSE:DM), Nikola (NASDAQ:NKLA), and Lordstown Motors (NASDAQ:RIDE) are all trading lower, with some even price below the previous $10.00 NAV price for SPAC stocks.
