- NYSE:CCIV fell another 4.30% as the broader markets tumbled on inflation fears.
- CCIV is fast approaching its PIPE price of $15 and could fall lower still.
- CCIV rival Tesla makes more headlines on Wednesday.
NYSE:CCIV has lost nearly all of its bullish support since the stock topped out at an egregious price of $64.86 back at the end of February. On Wednesday, amidst a massive broad market sell off that has continued to pummel SPAC IPO stocks, CCIV dropped a further 4.30% to close the trading season at $17.80. This marks the lowest price levels that CCIV investors have seen since January, before the announcement of its merger with Lucid Motors was announced.
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CCIV is getting dangerously close to its key support level of $17.62, before the bottom could completely fall out on shareholders. Next stop after that could be the PIPE price of $15, and there is nothing saying that shares would not continue to fall back down to the $10 NAV price before the merger with Lucid Motors takes place. The recent correction has brought nearly every pre-merger SPAC stock back down the $10 NAV price, and if this happens with CCIV, investors would have to consider it another buying opportunity.
CCIV stock news
More news came out of CCIV’s chief rival Tesla (NASDAQ:TSLA) on Wednesday, as CEO Elon Musk backtracked on the company’s acceptance of Bitcoin as a payment for its vehicles. Musk cited how harmful Bitcoin mining is for the environment as the main reason, but advised that Tesla would continue to hold the Bitcoin it owns as an investment on its balance sheet. Following the news, the price of Bitcoin went into freefall, plummeting by more than 10% at the time of this writing.
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