Yesterday’s impressive run in Churchill Capital (NYSE:CCIV) and CCIV stock certainly got SPAC investors excited. Ahead of a shareholder call that is scheduled for 4:30 p.m. Eastern today, investors and speculators have been piling into this early stage EV player in a big way. Indeed, this move has been ongoing over the past few trading sessions.
However, today, CCIV stock has given up approximately 2.8% of its gains. While this could be a natural reaction to the hype of days past, there may also be something else at play.
Ahead of the call, Lucid filed its slide deck with the U.S. Securities and Exchange Commission. This alone is a significant talking point for investors.
Given the amount of speculation that has gone into what could potentially be announced in this call, today’s selloff may be warranted. CCIV stock has a huge following on social media, and on those platforms, rumors spread like wildfires.
With that in mind, let’s dive into why investors may be underwhelmed now.
CCIV Stock Down Ahead of Shareholder Call
One of the things investors know about this upcoming shareholder call is that it will be a presentation only. This means that there will not be a separate chance for investors to ask Lucid Motors CEO Peter Rawlinson their questions.
Given the fact that Lucid filed its slide deck with the SEC ahead of time, it also means that investors just got a pretty nice preview of the call. Although there is still a chance Rawlinson goes off script with a surprise announcement, investors now know what to expect.
Accordingly, investors appear to be viewing the information included — or at least some key points — as underwhelming. The company did reiterate its previous 2022 production target of 20,000 electric vehicles. It also affirmed that it is still planning on delivering the Air sedan in the second half of this year. However, it does not appear to have set an explicit launch date at this time.
Beyond that, investors have put a lot of faith into CCIV stock headed into the Lucid Motors merger vote. Concerns over shareholder dilution remain, and Elon Musk’s ongoing SolarCity legal battle is also clouding the electric vehicle space today. Keep a close eye on this company heading into the call.
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.
