- NYSE:CCIV fell by 3.49% amidst another broader market sell off on Thursday.
- The EV SPAC sector is getting overcrowded as a German automaker weighs its options.
- EV charging SPAC EVGO gets a massive boost from an iconic auto brand.
NYSE:CCIV continues to frustrate shareholders as the stock heads deeper into the red ahead of the much anticipated merger with Lucid Motors next Friday. On Thursday, shares of CCIV fell a further 3.49% to close the session at $22.96. The volatility in the markets this week has seen a growth stock correction combined with an OPEX week where options contracts are set to expire. Other EV stocks had mixed results as Tesla (NASDAQ:TSLA) fell by 0.43% alongside the S&P 500, while Chinese EV maker Nio (NYSE:NIO) found support at the $43.00 price level after declining for the past couple of sessions.
EV SPAC mergers have hit the markets with mixed results although most of them have been negative experiences so far. From Nikola Motors (NASDAQ:NKLA) to Lordstown Motors (NASDAQ:RIDE), many of the pre-revenue EV companies just have not been able to meet expectations. On Thursday, German EV maker E.GO is weighing its options for going public and is strongly considering a SPAC merger. The company is targeting a $2.4 billion valuation ahead of its debut. E.GO manufactures economy class, no frills electric vehicles that have a short range but are extremely affordable, especially after government subsidies.
CCIV stock news
Staying in the EV SPAC market, electric vehicle charging company EVGO (NASDAQ:EVGO) surged by 14.18% on Thursday as it was named the preferred charging infrastructure by General Motors (NYSE:GM). EVGO also stated that it would be providing charging stations specifically for General Motors fleets, so the partnership looks to be a lucrative one for the newly public entity.
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