Churchill Capital Corp IV extends 2-day surge to over 50% on news of plans to take Lucid Motors public via SPAC

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Electric vehicle charging. Jackyenjoyphotography/Getty Images Shares of Churchill Capital Corp. IV are up over 50% in a two-day streak to start the week. News of the SPAC potentially taking EV company Lucid Motors public is driving the share price higher. The fourth of seven 'blank-check' companies operated by Michael Klein, Churchill Capital Corp. IV's plan for Lucid Motors would keep the SPAC craze going in 2021. Sign up here our daily newsletter, 10 Things Before the Opening Bell. Shares of Churchill Capital Corp IV soared to start the week on news the special purpose acquisition company is in talks to take Lucid Motors public, per Bloomberg. Churchill Capital Corp IV is operated by veteran Wall Street dealmaker Michael Klein, and is the fourth of seven 'blank-check' companies which Klein has been using to take partner companies public. In this case, the partner firm is Lucid Motors, a relatively well-established EV manufacturer based out of Newark, California, and which targets the luxury end of the car market. The deal could potentially value Lucid at $15 billion, according to Bloomberg.  Read more: Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end Lucid is yet another competitor in an increasingly crowded EV space. more...