Why Churchill Capital Stock won again today
Blank Check Company Shares Churchill Capital IV (CCIV) hit a new high today, as investors continue to believe it will soon announce a merger with luxury electric vehicle (EV) maker Lucid engines.
As of 2:30 p.m. EST, shares were 11% higher at Friday’s close.
It’s not often that Special Purpose Acquisition Company (SPAC) shares go up before a merger deal is announced. But that’s what’s been happening with Churchill Capital since Jan. 8, when rumors started to circulate that he might be combining with Lucid Motors. Stocks have climbed more than 150% during this period.
The excitement at the automaker comes from its Lucid Air luxury sedan. The first vehicles are expected to be available this spring from its manufacturing facility in Arizona and will deliver more than 1,000 horsepower with a battery range of 517 miles. Lucid also has plans for a future SUV model, although no details have been released.
the Financial Time also recently reported that Lucid was in talks with Saudi Arabia’s sovereign wealth fund to build a new electric vehicle plant in the kingdom. The Saudi fund is already a major holder of Lucid after investing more than $ 1 billion in 2018.
The surge in Churchill Capital shares means that any announced transaction will be valued about 2.5 times higher for investors today than the original holders of Churchill Capital. And if a deal doesn’t work, expect PSPC shares to pull back, at least until they find an operating company to invest in.
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