Churchill Capital Corp IV extends 2-day surge to over 50% on news of plans to take Lucid Motors public via SPAC
- Shares of
Churchill CapitalCorp. IV are up over 50% in a two-day streak to start the week.
- News of the
SPACpotentially taking EV company Lucid Motorspublic 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.
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.
Lucid is yet another competitor in an increasingly crowded EV space. However, the company has a little more going for them than many of its competitors.Lucid boasts world-class EV tech and is owned in part by the Public Investment Fund of Saudi Arabia after a 2019 funding round valued at over $1 billion.
In the past year, the news around Lucid heated up significantly, especially after the company's September announcement of their first full-sized EV, the Air.Starting at $77,400 ,the Air features a 9.9 second quarter-mile and fast-charging that captures 300 miles of new EV range in just 20 minutes. Shares of Churchill Capital Corp IV are trading close to $15 after hovering around the $10 mark for months. The SPAC was the third most traded name among Fidelity customers as of Tuesday morning, behind EV makers
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