A marked decline in the values of many special purpose acquisition companies and post-SPAC companies has led to an intriguing turning point for these growth names. Today, Lucid Motors, the company coming public via a reverse merger with Churchill Capital IV (NYSE:CCIV) has investors in CCIV stock up more than 5% at the time of writing.
Indeed, today’s move in CCIV suggest something out of the ordinary is going on. And investors would be right to assume so.
Churchill made two big announcements recently that have once again enticed SPAC investors to consider CCIV stock. Let’s jump right into the news to see what’s going on with Churchill today.
CCIV Stock Higher on Anticipation of Merger Date
Today, a couple tweets sent out by Churchill have been the key driver behind a rally in CCIV stock.
The first tweet indicates that — finally — a merger date looks to be coming soon. The company tweeted that “$LCID coming to @Nasdaq following planned merger with CCIV.” No specific date was called out in the tweet. However, this seems to be enough to move the stock given uncertainty around the merger date. It’s also nice to know what the ticker will be, when the merger is finally completed.
A second tweet suggests investors will be able to take a closer look at the company’s flagship product soon. The company tweeted, “Mark your calendars. #LucidAir will be making an appearance next week at @AmeliaConcours May 20 – 23.” Again, more visibility is always better than less with these early-stage companies.
It appears investors are eagerly awaiting more details on what sort of product features and enhancements to expect from the Lucid Air.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.