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Churchill Capital Corp IV has surged 80% in just 4 days amid Lucid Motors merger talks (CCIV)

Published by Business Insider on Thu, 14 Jan 2021


<p><a href="https://markets.businessinsider.com/stocks/cciv-stock"><img src="https://static4.businessinsider.com/image/60004cc2a8de7700187d3cea-2222/Lucid Air exterior_6.jpg" border="0" alt="Lucid Air exterior_6" data-mce-source="Lucid" data-mce-caption="Lucid Air."></a></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><a href="https://markets.businessinsider.com/stocks/cciv-stock">Churchill Capital Corp IV</a> is continuing its meteoric rise on Thursday. Shares have surged over 80% in four days since investors first heard news the special purpose acquisition company may take the EV startup Lucid Motors public.</p><p>Now, Lucid has listed jobs like Director of Investor Relations and SEC Reporting Manager on its website's <a href="https://www.lucidmotors.com/careers/search/">careers page</a>, lending more credence to the news the company intends to go public via a merger with Churchill.</p><p>Former Citigroup man Michael Klein has been shopping his "blank-check" SPAC, Churchill Capital Corp IV, for some time in an attempt to find the right partner.</p><p>In fact, back in November 2020, Churchill Capital Corp IV expressed interest in buying a stake in AT&amp;T Inc.'s DirecTV satellite-television business. However, the talks then stalled, and Klein went back to the market to find a new partner for his SPAC.</p><p>It looks like he may have found the perfect pairing in Lucid Motors. The company is in a prime position to shine as the EV gold rush continues.</p><p><strong><em>Read more:</em></strong><em>&nbsp;<a href="https://www.businessinsider.com/stock-picks-to-buy-high-dividend-investing-strategy-from-bofa-2021-1'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest">BANK OF AMERICA: Buy these 10 Dow stocks to take advantage of rich dividends and a long-term strategy primed for a comeback in 2021</a></em></p><p>The EV sector has outpaced the market this year, with several new entrants performing better than expected. The Shanghai-based EV maker <a href="https://markets.businessinsider.com/stocks/nio-stock">Nio</a> saw its shares rise 16% thus far in 2021, while the American EV competitor <a href="https://markets.businessinsider.com/stocks/nkla-stock">Nikola</a> has seen its stock jump almost 25% on the year.</p><p>The <a href="https://www.globalxetfs.com/funds/driv/">Global X Autonomous &amp; Electric Vehicles&nbsp;ETF</a>, which holds EV related stocks, is also up over 62% year-to-date.</p><p>The EV market is continually seeing new entrants. It's not just Lucid that intends to go public. Most recently, <a href="https://markets.businessinsider.com/news/stocks/faraday-future-spac-targeting-3-billion-public-debut-electric-vehicles-2021-1-1029956718">Faraday &amp; Future Inc.</a> announced they are in talks to merge with&nbsp;Property Solutions Acquisition Corp. in a deal that could value the EV start-up at $3 billion.</p><p>Churchill Capital Corp IV's Lucid move combines two of the biggest themes in the market of late: SPACs and EVs. All in,&nbsp;<a href="https://markets.businessinsider.com/news/stocks/spacs-raised-73-billion-more-than-traditional-ipos-blank-checks-2020-12-1029906693'utm_source=markets&amp;utm_medium=ingest">219 SPACs raised $73 billion in 2020,</a> and it seems that trend is set to continue in 2021.</p><p>Shares of Churchill Capital Corp IV were up to records highs of over $18 per share on Thursday and the SPAC now boasts a market cap in excess of $4 billion.&nbsp;&nbsp;</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/tesla-stock-price-prediction-technical-analysis-wedge-rsi-sven-henrich-2021-1" target="_blank" rel="noopener">'Vastly technically disconnected': A market strategist breaks down the 3 indicators that show Tesla is overpricedand says it's due for a 17% correction in the next 6 weeks</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/churchill-capital-corp-iv-stock-price-surged-amid-lucid-motors-merger-talks-2021-1-1029969045#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-make-beer-with-picobrew-c-home-brew-2020-3">We tested a machine that brews beer at the push of a button</a></p>
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