Why Churchill Capital IV Stock Dropped Today
Shares of Churchill Capital IV (NYSE: CCIV) dropped as much as 12% on Monday before closing the session with a decline of 5.5%. The special purpose acquisition company (SPAC) has been a target of rumors for several weeks, and the latest one dove up shares to end last week's trading on Friday.
The blank-check company has been rumored to be on the verge of a merger with luxury electric-vehicle (EV) maker Lucid Motors. Lucid chief executive and technology officer Peter Rawlinson said in a CNBC interview on Friday that he couldn't confirm or deny the rumors of a merger that would take Lucid public. But his lack of commitment helped continue the recent higher share movement of Churchill Capital.
Some investors today are rethinking the valuation of the company, which still has no operating business. There are also no definite indications of a merger with Lucid Motors.
Source Fool.com
