Why Churchill Capital IV Stock Dropped Today

Churchill Capital IV (NYSE: CCIV) stock dropped 12% Wednesday, and still traded almost 11% below Tuesday's closing price as of 2:45 p.m. EST. After surging for weeks on anticipation, shares of the blank-check company have tanked 56% since its planned merger with Lucid Motors was announced on Feb. 22. The sharp drop in shares hasn't yet let up, and looks to be a reality check for investors after actual valuation came from the deal with the highly anticipated electric vehicle (EV) maker.