- 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.
Stay up to speed with hot stocks' news!
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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains depressed near 1.0700 ahead of Lagarde, US data

EUR/USD is trading close to 1.0700, on the defensive in the European session. The US Dollar is extending post-US NFP gains amid cautious optimism, as investors assess the Fed rates outlook. Eurozone Sentix data slumps to -17.1 in June. Lagarde, US data awaited.
GBP/USD drops below 1.2400 amid firmer US Dollar

GBP/USD is falling below 1.2400 amid a notable US Dollar demand, dragging the major lower for the second successive day on Monday. Markets repricing of the Fed interest rates outlook push the US Treasury bond yields higher, in turn, the US Dollar. US ISM Services PMI next of note.
Gold finds short-term cushion above $1,940, more downside looks solid

Gold price has found a short-term cushion near $1,943.00, however, more downside seems favored. Gold price witnessed an intense sell-off after a mean-reversion move to near the 200-period EMA at $1,977.32.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September

Ripple has a 25% chance of winning its legal battle against the US SEC, according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Services PMIs the next focus after last week’s bumper US jobs report

While US markets finished the week on a high, after another bumper jobs report and a positive week across the board, markets in Europe, while finishing the week on a high, struggled to match the exuberance of investors on the other side of the Atlantic.