CCIV Stock Price and News: Churchill Capital Corp IV tanks despite confirmation of Lucid Motors merger
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NYSE:CCIV drops by 38.63% amidst another tumultuous day on the global markets.
- Churchill Capital Corp IV confirms the long-awaited merger with electric vehicle company Lucid Motors.
- Initial valuations of the company indicate a sky-high $68 billion market cap.
NYSE:CCIV has been the hottest SPAC IPO stock over the past couple of months, recently hitting a 52-week high of $64.86. On Tuesday, as the broader markets were hit with another rocky trading session, CCIV sank by an astounding 38.63%, effectively cutting its 52-week high price in half. Shares began trading at $9.60 as with most SPACs, but the stock price quickly escalated as CCIV was linked with electric vehicle company Lucid Motors soon after it debuted on the public markets.
This merger was confirmed on Monday, but by Tuesday, shares had plummeted to their current price levels. Lucid Motors was founded by former Tesla Chief Engineer Peter Rawlinson and has plans to release its first vehicle, the Lucid Air, at some point in 2021. Lucid also has ties to the Saudi Arabia sovereign wealth fund, so needless to say, it has more than enough financial backing for the moment. The Lucid Air is intended to compete directly with the luxury electric vehicle space that has been dominated by Tesla’s Model S sedan.
CCIV stock forecast
Despite the anticipation that followed the CCIV and Lucid merger, when the actual financials were released, investors had a serious case of cold feet. At its sky-high stock price and valuation, would lend to the company having a market cap of $68 billion which would make it more valuable than established automakers like Ford (NYSE:F) and Li Auto (NASDAQ:LI), as well as put it in the same realm as NIO (NYSE:NIO) and General Motors (NYSE:GM). Needless to say, that is an exorbitant valuation for any company that does not even have a product on the roads.
- NYSE:CCIV drops by 38.63% amidst another tumultuous day on the global markets.
- Churchill Capital Corp IV confirms the long-awaited merger with electric vehicle company Lucid Motors.
- Initial valuations of the company indicate a sky-high $68 billion market cap.
NYSE:CCIV has been the hottest SPAC IPO stock over the past couple of months, recently hitting a 52-week high of $64.86. On Tuesday, as the broader markets were hit with another rocky trading session, CCIV sank by an astounding 38.63%, effectively cutting its 52-week high price in half. Shares began trading at $9.60 as with most SPACs, but the stock price quickly escalated as CCIV was linked with electric vehicle company Lucid Motors soon after it debuted on the public markets.
This merger was confirmed on Monday, but by Tuesday, shares had plummeted to their current price levels. Lucid Motors was founded by former Tesla Chief Engineer Peter Rawlinson and has plans to release its first vehicle, the Lucid Air, at some point in 2021. Lucid also has ties to the Saudi Arabia sovereign wealth fund, so needless to say, it has more than enough financial backing for the moment. The Lucid Air is intended to compete directly with the luxury electric vehicle space that has been dominated by Tesla’s Model S sedan.
CCIV stock forecast
Despite the anticipation that followed the CCIV and Lucid merger, when the actual financials were released, investors had a serious case of cold feet. At its sky-high stock price and valuation, would lend to the company having a market cap of $68 billion which would make it more valuable than established automakers like Ford (NYSE:F) and Li Auto (NASDAQ:LI), as well as put it in the same realm as NIO (NYSE:NIO) and General Motors (NYSE:GM). Needless to say, that is an exorbitant valuation for any company that does not even have a product on the roads.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.