NYSE:CCIV surged 9.37% on Tuesday alongside the broader market rebound.
CCIV is reminding its shareholders to vote yes for the merger with Lucid Motors.
Tesla announces it is moving closer towards production of its Tesla Semis.
NYSE:CCIV finally saw the breakout that investors were waiting for as the excitement builds ahead of the long awaited SPAC merger with Lucid Motors. Shares jumped 9.37% during Tuesday’s market rebound to close the trading session at $24.28. The stock momentarily recaptured the key 200-day moving average level, but was quickly rejected at the 50-day moving average and ended the day beneath both. The broader electric vehicle sector rallied as well on Tuesday as industry leader Tesla (NASDAQ:TSLA) gained 2.21% and Nio (NYSE:NIO) surged 1.94% during the session.
All that remains now aside from the merger with Lucid Motors is the shareholder vote for approval of the merger, which takes place on Thursday. CCIV is ensuring that its shareholders are well aware of the date and circumstances and have reminded its investors to vote. There is no foreseeable reason why the merger wouldn’t be approved by shareholders, as Lucid’s public debut has been one of the most anticipated events for the past few months. When the vote does pass, Lucid will list on the NASDAQ exchange under the ticker symbol LCID.
You can’t really bring up Lucid Motors without bringing up its rival Tesla. After Tesla announced earlier in the week that it would be launching a subscription service for its FSD platform it followed that up with the report that its long awaited Tesla Semi is finally nearing production. The Semis will come in two models with a 300 mile and a 500 mile range respectively. Companies already on the waitlist for the semis include PepsiCo (NASDAQ:PEP), with WalMart (NYSE:WMT) reportedly interested as well.