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.