Churchill Capital (NYSE:CCIV) stock is soaring higher on Friday following a Tweet from Lucid Motors about the upcoming special purpose acquisition company (SPAC) merger.
The Tweet itself is nothing major. Just some more promises to build new luxury electric vehicles (EVs). However, it links off to a statement from company CEO Peter Rawlinson.
Earlier this week, we proudly announced our merger with Churchill Capital Corp IV that would result in our becoming a public company and help bolster our mission to usher in a new era of luxury electric. #LucidAir #DreamAhead
— Lucid Motors (@LucidMotors) February 25, 2021
In that message from the Lucid Motors CEO, he mentions the recent deal and what it means for the company. A section of that text follows.
“This remarkable union provides us the resources to grow and focus on elevating the EV industry. Together we plan to expand into new markets and deliver miraculous technology that an unsuspecting world is soon to experience. We believe it’s good for Lucid, our customers, and of course the planet.”
Rawlinson also provides an update on the company’s ongoing development of its Lucid Air EV. Due to the novel coronavirus, production has been delayed. That means the EV won’t come out in the spring as originally planned. Instead, production is now set to start in the second half of the year.
Churchill Capital has been in the news quite a bit lately as the Lucid Motors merger news continues. Investors can catch up on CCIV with the following articles from InvestorPlace.
- Churchill Capital Bulls and Bears May Each Have Their Patience Rewarded
- Schedule a Rain Check On Your Churchill Capital Roadtrip
- Does Collapse of CCIV Stock Foreshadow the End of the SPAC Craze?
- It’s Not a Good Time to Buy Churchill Capital
- How CCIV Stock’s 50% Plunge Shows the Perils and Profits of SPAC Investing
- CCIV Stock’s SPAC Circus Is Just Background Noise
CCIV stock was up 7.3% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.