Churchill Capital Corp. IV spikes 19% as report tells investors to expect Lucid Motors deal as soon as Tuesday

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Shares of Churchill Capital Corp. IV spiked 19% on Monday after a Bloomberg report said a merger with the electric vehicle-maker Lucid Motors could come as soon as Tuesday. Rumors about a potential merger between the so-called blank-check special purpose acquisition company (SPAC) Churchill Capital IV and Lucid have been in the works for over a month now. If the deal goes through, it will use $2 billion in cash raised by Churchill Capital IV's IPO, as well as an investment of between $1 billion and $1.5 billion from institutional investors to support the transaction. When the merger is complete the combined entity will be valued at roughly $15 billion, according to unnamed sources at Bloomberg. Churchill Capital IV's stock has skyrocketed more than 425% since reports first came out of talks between the Michael Klein-backed SPAC and Lucid Motors last month. Investors are excited about the prospects of Newark-based Lucid Motors. Lucid is a real competitor to Tesla, and its new all-electric vehicle, the...read more...