The stock price of Churchill Capital Corp IV (NYSE: CCIV) fell by over 35% pre-market as of 5:23 AM ET. The stock price fell after it was confirmed that a merger deal was confirmed with Lucid Motors to take the California-based electric vehicle company public.
Full Answer
Why did Churchill’s stock fall 35% pre-market?
This is why it happened. The stock price of Churchill Capital Corp IV (NYSE: CCIV) fell by over 35% pre-market as of 5:23 AM ET. The stock price fell after it was confirmed that a merger deal was confirmed with Lucid Motors to take the California-based electric vehicle company public.
Will lucid and Churchill capital take it public?
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.
What does the Churchill capital IV SPAC merger mean for investors?
Churchill Capital IV shareholders will end up owning approximately 16% of the combined company, according to the investor presentation. Generally speaking, when a SPAC is negotiating a merger deal with a target, they have different incentives in place for the valuation.
Is Churchill capital IV (CCIV) about to merge with Lucid Motors?
When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead. Shares of special purpose acquisition company (SPAC) Churchill Capital IV ( NYSE:CCIV) started a sharp increase on Jan. 11 when rumors that it was in talks to merge with luxury electric vehicle (EV) maker Lucid Motors began to spread.
What happened to my Churchill capital stock?
Now that work is finally done as the two companies have completed the merger. As a result of the merger, Churchill Capital and Lucid Motors will be renamed Lucid Group. In addition to this, shares of CCIV stock will switch over to the LCID stock ticker.
Why did Churchill Capital go down?
Churchill Capital shares plunged in February when the SPAC announced its merger with Lucid Motors, as it became clear that investors had bid CCIV shares to unreasonable levels, up more than 400% from a starting point of $10.
Is CCIV Lucid Motors stock?
Shares of common stock and warrants of the post-combination company, renamed Lucid Group, Inc. ("Lucid"), will be listed on The Nasdaq Stock Market LLC ("Nasdaq") beginning on July 26, 2021 under the ticker symbols "LCID" and "LCIDW," respectively. Units will no longer trade separately.
Did Lucid and CCIV merge?
Lucid Group trades under the "LCID" ticker symbol. Lucid Group, the company formed after Lucid Motors' July 23 merger with Churchill Capital Corp IV (CCIV), has become a publicly listed company.
Will CCIV stock go up?
Based on our forecasts, a long-term increase is expected, the "CCIV-U" stock price prognosis for 2026-07-22 is 144.536 USD. With a 5-year investment, the revenue is expected to be around +435.62%. Your current $100 investment may be up to $535.62 in 2027. Get It Now!
Is it good to buy Churchill capital stock?
CCIV's market cap is low, but the implied market cap of Lucid is way higher. Lucid has strong designs and great tech and has a lot of potential in the EV space. There are no guarantees for success, however. Shares are expensive in absolute terms, but factoring in the strong growth outlook, an investment may pay off.
Why did lucid and CCIV merge?
Merger with CCIV would allow Lucid to raise capital like a public company, bolstering the development and marketing of Lucid's first luxury electrical vehicle, Lucid Air.
Should I buy CCIV before merger?
The company has a strong and experienced team that could turn the projections and goals into a reality but I would recommend investors to wait for the merger to complete before investing in CCIV stock.
Is CCIV now LCID?
CCIV is now officially LCID as the Lucid Motors transaction has closed and begins trading under its new ticker today. All 7 SPAC merger votes are at prices that make more big redemptions possible. The SPAC saga of Churchill Capital Corp.
When did CCIV become Lucid?
Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The combined company will now operate as Lucid Group, Inc. Lucid will be ringing the opening bell at Nasdaq on July 26 to celebrate the company's public listing.
How many Lucid shares does CCIV have?
Moreover, the PIPE investors, who are bringing in $2.5 billion in crucial liquidity, also need to be issued new shares, to the tune of 166.66 million. Assuming no redemptions, 1.595 billion Lucid Group common shares will have to be issued in total upon the close of the merger agreement.
What is CCIV ticker?
Churchill Capital IV [Lucid Motors] (CCIV) 24.25 +1.35 (+5.90%) 07/23/21 [NYSE]