Why SPAC Churchill Capital IV's Stock Is Higher Today

Shares of Churchill Capital IV (NYSE: CCIV.U) were having a wild ride on Friday, amid rumors that the special purpose acquisition company (SPAC) was close to announcing a deal to merge with electric-vehicle maker Lucid Motors.

As of 1:15 p.m. EST, Churchill's shares were up about 8% from Thursday's closing price. They had been up as much as 21% -- and at one point, down over 6% -- earlier in the session.

Churchill Capital IV has drawn intense interest since Bloomberg reported on Monday that it could be close to a merger with Lucid. The interest isn't hard to understand: Electric-vehicle stocks have had huge gains over the last year, and -- unlike some of the companies that have gone public in that time -- Lucid is close to shipping its first vehicle, the innovative Air luxury sedan.

Source Fool.com