CCIV stock soars 30% on report it’s nearing deal with Lucid Motors
Electric vehicle startup Lucid Motors may be nearing a Michael Klein-run SPAC agreement to take the California based company public, according to Reuters. The potential development sent shares of blank-check company Churchill Capital IV (CCIV) up more than 30% on Tuesday afternoon. Shares were halted for volatility following the headline.
Reports of a possible deal between Lucid and Churchill Capital IV have been circulating for about a month now, prompting the special purpose acquisition company to put out a statement back in January.
Year-to-date CCIV is up more than 400%, with much of the gains due to speculation of an agreement.
The latest report of a possible deal would give Lucid Motors about a $12 billion valuation. It would be one of highest profile electric vehicle SPAC agreements since Nikola (NKLA) and Fisker (FSR) debuted publicly last year.
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