CCIV Stock Price: Lucid Motors – Churchill Capital IV drops further despite merger update

NYSE:CCIV has regressed over the past few trading sessions, even as rumors of its much anticipated merger with Lucid Motors are hotter than ever. Shares of CCIV fell a further 4.06% on Monday to close the first trading session of the week at $24.12. CCIV continues to straddle the line between legitimate EV company and glorified meme stock, as it struggles with a hefty valuation as well as a long history of EV SPACs failing to live up to their hype. 

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The latest rumor of the merger date between Lucid and CCIV comes courtesy of the recent S-4/A filing the company made to the SEC. In this document, the proposed merger date highlights July 23rd as the date when CCIV shares will officially transfer over to become shares of Lucid Motors under the ticker symbol NASDAQ:LCID. This has no effect on when Lucid will officially have vehicles on the road, although it is anticipated that production of the first 500 or so Lucid Air sedans will be on the roads by the end of 2021.

CCIV stock news

It has been a rough week for another recent EV SPAC as Lordstown Motors (NASDAQ:RIDE) officially lost its CEO and CFO on Monday after both executives resigned. This comes on the heels of Lordstown recently reporting that the company may not be financially stable enough to continue production of its Endurance pick up truck. There was also a report accusing the company of falsely relaying information about the number of preorders Lordstown has received, which is widely believed to be the reason that both key figures resigned.