Churchill Capital Corp IV rockets 20% as rumors of Lucid Motors merger fuel sustained rally

Churchill Capital Corp IV rockets 20% as rumors of Lucid Motors merger fuel sustained rally

Shares of Churchill Capital Corp IV skyrocketed another 20% on Monday amid continued optimism surrounding a potential merger with Lucid Motors. The news of Michael Klein's SPAC potentially merging with EV manufacturer Lucid to take the company public caused shares of the blank-check company to jump some 167% in under three weeks. Still, Churchill Capital IV has refused to either confirm or deny the reports. "We do not generally comment on rumors and speculation and will not comment as to whether the Company is or is not pursuing a specific business opportunity other than saying, as noted, we are always evaluating a number of potential business combinations," the company wrote in a statement on January 19. Despite the lack of certainty around the merger, hopes of a Lucid acquisition are pushing Churchill Capital Corp IV's stock higher. And with The Financial Times reporting the EV manufacturer is in talks with the Public Investment Fund of Saudi Arabia to build an electric vehicle factory near the Red Sea city of Jeddah, shares of Churchill are on fire yet again. The Financial Times spoke with the Saudi fund's governor, Yasir Al-Rumayyan, who confirmed reports out of Bloomberg earlier this month that said