Churchill Capital (NYSE:CCIV) stock is soaring higher on Tuesday following a report that the special purpose acquisition company (SPAC) is nearing a deal to take Lucid Motors public.
According to this report, Churchill Capital are started up a new round of funding that would support the SPAC merger with Lucid Motors. It looks like it’s hoping to raise as much as $1.5 billion via a private investment in public equity (PIPE).
It’s also worth noting that Churchill Capital already has $2 billion on hand from its initial public offering (IPO) in July 2020. If the rumors are true, it looks like the deal will value the combined company at $12 billion, reports Reuters.
Some of the other details about the potential SPAC merger between Churchill Capital and Lucid Motors are still unknown. That includes what name the combined company will operate under or what ticker shares of CCIV stock will switch to.
What we do know is that CCIV stock is seeing incredibly high trading after today’s news. As of this writing, more than 71 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is only 28 million shares.
Investors that want to get a better idea about CCIV stock can check out these other recent articles from InvestorPlace.
- Expect Churchill Capital IV Stock Volatility Until Clarity on SPAC Merger
- CCIV Stock: 2 Big Reasons Churchill Capital Shares Are Soaring Today
- Churchill Capital’s Valuation Assumes a Lucid Partnership
- Churchill Capital IV Stock Might Be a Buy, Even Though It Shouldn’t Be
- Without a Deal in Place, Churchill Capital Corp IV Is Just Way Too Frothy Here
CCIV stock was up 30.8% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.