CCIV Stock Price: Lucid Motors – Churchill Capital IV faces rejection near $30 and falls 4%

• YSE:CCIV drops 4% on Wednesday.
• CCIV and Lucid vote to be held on July 22.
• Merger should then go ahead on July 23 if the vote passes.

Update July 2: CCIV shares extended the previous rally and hit fresh four-month highs, although the stock failed to sustain at higher following the rejection just shy of $30 and tumbled 4% to finish at $27.41. CCIV shares tracked the weakness across the meme stocks, as the SPAC company kicked off July on the wrong footing.  CCIV boasted of having 10,000 preorders for its flagship Lucid Air vehicle, which drove the recent surge in the stock price.

 

NYSE:CCIV is one step closer to officially being a publicly traded company, and its loyal shareholders are thrilled. On Friday, CCIV gained 1.33% to close the trading session at $25.18, showing strength on a day where the broader markets were mostly flat and the electric vehicle sector traded lower. CCIV is still well off its over inflated all-time high price of $64.86, but should see more momentum heading into July as Lucid Motors approaches the merger date.

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This merger date has been all but settled as July 23rd, pending a shareholder vote that will undoubtedly pass. The merger has been one of the most highly anticipated SPAC deals over the past couple of years, and Lucid is set to join an electric vehicle sector that is already overcrowded with both new and legacy automakers. Lucid is targeting the uber premium class of vehicles though, and is banking on high-end craftsmanship, performance, and exclusivity to separate itself from the competition. With just over 500 of its Lucid Air model set to hit roads in 2021, Lucid has some catching up to do in the coming years.

CCIV stock news

Even after the recent failures of SPAC automakers like Lordstown Motors (NASDAQ:RIDE) and Nikola (NASDAQ:NKLA), yet another automaker is coming public via a reverse merger. Self-driving truck company Embark is set to go public after agreeing to merge with Northern Genesis Acquisition Corp II (NYSE:NGAB), in what is believed to be a deal worth over $4.5 billion USD. So far Sequoia Capital and Tiger Global are two of the major investors in Embark ahead of its merger.

Previous Updates

Update June 28: Churchill Capital Corp IV advanced on Monday, adding 7.31% to finish the day at $27.00 per share. Stocks opened sharply higher, but there was no follow-through. In fact, the Nasdaq and the S&P posted record highs, holding on to uneven gains at the close, although the DJIA lost 150 points. For CCIV, however, the picture is bullish regardless of the market's sentiment as the merge with Lucid Motor looms. 

CCIV shareholders get to meet on July 22 to decide to pass the proposed merger with Lucid Motors. The enthusiasm among retail investors means the odds are surely in favour of the vote passing, with the next day then set to be the official merger date. CCIV shares have taken th news well and are up nearly 8% in Mondays first half hour of trading at $27.15.

Previous updates

Update after the close: CCIV shares fell sharply on Thursday, falling 3.8% to $27.72. The shares ahd earlier stalled at resistance at $28.77. Most meme names were lower on Thursday after hte half year end set in on Wednesday. 

Update July 1: The buying interest around CCIV shares remained unabated, as the company booked the first monthly gain in four. The CCIV stock rallied 10% to clinch three-month highs at $28.95. The shares closed at $28.82, gaining upside momentum ahead of the highly anticipated merger with Lucid Motors. Further, the company’s preorder data also emerged as one of the key catalysts behind the price surge. The SPAC company boasted of having 10,000 preorders for its flagship Lucid Air vehicle. 

Update June 30: Anohter day another 10% despite no material new news emanating from the company the shares have surged so far this week as the official merger nears. It seemed a foregone conclusion but markets like certainty so this is perhaps behind the surge. CCIV shares closed Wednesday at $28.82 up just under 10%. 

Update June 29: Churchill Capital IV (NYSE: CCIV) is trading around $27, holding onto gains as the countdown to the merger with Lucid Motors continues. Shares of the SPAC company are set to receive the ticker LCID on July 23, and traders are not waiting. After Monday's leap of some 7%, CCIV is holding onto $27. It is essential to note that this represents a 50% increase from the trough recorded in the spring. Lucid's electric vehicles are receiving praises from analysts.

Update June 29: Churchill Capital Corp IV snapped its two-day losing streak and rallied over 7% on Monday, kicking off the week on a positive note. In doing so, the CCIV stock hit three-week highs at $27.36 before finishing the day at $27 mark. The surge in the stock price came despite a mixed close on Wall Street indices. The optimism over its merge with Lucid motors and the chatter that Lucid’s Dream Edition would be pushed out into 2021’s second half keep the sentiment around the blank-check company buoyed.