Why Churchill Capital IV Stock Dropped Today
Churchill Capital IV (NYSE: CCIV) stock dropped 12% Wednesday, and still traded almost 11% below Tuesday's closing price as of 2:45 p.m. EST. After surging for weeks on anticipation, shares of the blank-check company have tanked 56% since its planned merger with Lucid Motors was announced on Feb. 22.
The sharp drop in shares hasn't yet let up, and looks to be a reality check for investors after actual valuation came from the deal with the highly anticipated electric vehicle (EV) maker. In the time since details of the merger was announced, Tesla CEO Elon Musk also let investors know that his company would continue to present an estimable competitor, revealing that Tesla's full self-driving (FSD) offering will be available by midyear.
Lucid Motors' planned Gravity electric SUV offering. Image source: Lucid Motors.
Source Fool.com
