Today, investors in Churchill Capital (NYSE:CCIV) are watching as the stock slides. CCIV stock is down approximately 2% at the time of writing. Indeed, many high-profile EV-related stocks are down today. Accordingly, the special purpose acquisition company (SPAC) bringing Lucid Motors public via a reverse merger shortly hasn’t been exempted from today’s market action.
However, today’s move is also intriguing in the sense that there are upcoming catalysts investors are watching with CCIV stock. Specifically, the company’s upcoming merger with Lucid Motors is one that nearly every investor expects to go through. Yesterday, shares of CCIV stock dipped prior to today’s vote. And today’s decline appears to be a continuation of this trade, as some level of uncertainty is priced into CCIV stock.
Expectations are that this vote should pass with ease. However, today, Lucid and Churchill moved the vote for the business combination to tomorrow morning. Let’s dive into what took place and whether this represents a buying opportunity for this stock right now.
CCIV Stock Down on Merger Vote Delay
- Today’s highly anticipated shareholder meeting brought about some significant volatility for CCIV stock.
- The stock started the day higher, before dipping following the meeting earlier today.
- The company voted to approve all but one of the proposals brought forward during the meeting.
- The remaining proposal to be voted on is related to the SPAC merger between Lucid and Churchill.
- Over 97% of votes cast were in favor of the merger. However, due to higher required thresholds, more votes were required to obtain approval for this merger.
- The vote on this matter has been pushed to tomorrow at 9:00 a.m. EST.
- Investors are encouraged to come out and vote at tomorrow’s meeting, either directly or via proxy.
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.
