Why SPAC Churchill Capital IV's Stock Is Getting Crushed Today

John Rosevear, The Motley Fool
·2 min read
Why SPAC Churchill Capital IV's Stock Is Getting Crushed Today

Shares of special-purpose acquisition company Churchill Capital IV (NYSE: CCIV) were trading sharply lower on Tuesday morning after the company announced a deal to merge with electric-vehicle start-up Lucid Motors. As of 11 a.m. EST, Churchill Capital IV was down about 26.5% from Monday's closing price. Churchill's stock price had soared since Jan. 11, when Bloomberg reported that the SPAC was in negotiations with Lucid.