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

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Electric vehicle charging.
Electric vehicle charging.

Stocks of Churchill Capital Corp.. IV are around 50 percent in a post-apocalyptic series to start the week.
News of the SPAC possibly taking EV business Lucid Motors public is pushing the share price greater.
The fourth of seven’blank-check’ businesses worked by Michael Klein, Churchill Capital Corp.. IV’s plan for Lucid Motors would keep the SPAC trend going in 2021.
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Shares of Churchill Capital Corp IV jumped to initiate the week on information that the special purpose acquisition company is in discussions to take Lucid Motors public, per Bloomberg.

Churchill Capital Corp IV has been run by veteran Wall Street dealmaker Michael Klein, also is the fourth of seven’blank-check’ companies which Klein has been using to take partner firms public.

In cases like this, the partner company is Lucid Motors, a relatively well-established EV manufacturer based out of Newark, California, and which targets the luxury end of the vehicle industry. The deal could possibly value Lucid at $15 billion, according to Bloomberg. 

Read : Goldman Sachs claims to buy those 29 stocks poised to provide the most powerful sales growth through year-end

Lucid is yet another competition in a crowded EV space. However, the company has a little more going for them than many of its rivals.

Lucid boasts world-class EV tech and will be owned in part from the Public Investment Fund of Saudi Arabia after a 2019 funding round valued at more than $1 billion.

In the past year, the information around Lucid warmed up considerably, especially after the provider’s September statement of their initial full-sized EV, the Air.

Starting at $77,400,the Air features a 9.9 second quarter-mile plus fast-charging that catches 300 kilometers of new EV range in just 20 minutes.

Stocks of Churchill Capital Corp IV are trading close to $15 after hovering around the $10 mark for months. The SPAC has been the next most traded title among Fidelity clients as of Tuesday morning, behind EV manufacturers Nio and Tesla, according to information from Fidelity.

Read the original article on Business Insider

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