Why SPAC Stock Churchill Capital IV Crashed Today
Shares of Churchill Capital IV (NYSE: CCIV) plunged 18.5% on Wednesday, following the special purpose acquisition company's deal with electric vehicle maker Lucid Motors.
Churchill's stock price surged to a high of $64.86 on Feb. 18 following reports that the SPAC was in talks to merge with Lucid. Yet since the two companies made their merger agreement official on Monday, Churchill's shares have shed approximately half their value.
Churchill Capital IV's stock price is down sharply since announcing its deal with Lucid Motors. Image source: Getty Images.
Source Fool.com
