Churchill Capital (NYSE:CCIV) stock is on a wild ride Monday morning following rumors that its potential special purpose acquisition company (SPAC) merger with Lucid Motors is facing a delay.
According to these rumors, Lucid Motors is in talks with a Saudi wealth fund over a production facility in Jeddah. That’s worth noting as the fund, formerly known as the Public Investment Fund, holds a 67% stake in Lucid Motors after a $1.3 billion investment in 2019.
If this rumor is true, then it could mean a delay to the company’s possible merger with Churchill Capital. That, in turn, saw shares of CCIV stock dip this morning after a previous increase in the stock. It’s also worth noting that there’s been no confirmed SPAC merger agreement between Churchill Capital and Lucid Motors, only rumors.
CCIV stock was down Monday morning and has switched between gains and losses since.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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