In the wake of the merger Churchill Capital and Lucid Motors will be named Lucid Group
Stocks rose on Friday after news of Churchill Capital’s (NYSE:CCIV) Special Purpose Acquisition Company (SPAC) closing its merger with Lucid Motors.
Churchill Capital and Lucid Motors, an electric vehicle (EV) company, have been working on a SPAC merger for months. Now that work is finally done as both the companies have completed the merger.
Due to the merger Churchill Capital and Lucid Motors will be named Lucid Group. In addition all shares in CCIV Stock will be replaced with LCID stock ticker. This will delist CCIV shares from the New York Stock Exchange and LCID stocks will begin trading on the Nasdaq Exchange at the start of trading on Monday.
Peter Rawlinson, as well as the rest of Lucid Motors’ executive team, will continue to lead the post-merger company. Churchill Capital’s leadership team will assist them with insight and connections to the industry.
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Peter Rawlinson, CEO and CTO of Lucid Motors, said the following regarding the news that boosted CCIV stock today.
“We are extremely pleased to complete our business alliance together with Churchill IV and to become an open company. Lucid continues to accelerate our momentum as we make the first customer delivery of our Lucid Air lineup of electric sedans later this year. are ready for.
After the news of the merger, a lot of trading is being seen in the stock of CCIV today. At the time of this writing, more than 9 million shares of the stock have changed hands. It is closing in on a daily average trading volume of approximately 12.5 million shares of the company.
CCIV stock was up 1.7% on Friday afternoon and is up 131.6% from the start of the year.
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At the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions in this piece are the views of the author, and are subject to InvestorPlace.com publication guidelines.
Post CCIV Stock Alert: Churchill Capital Shares On Move On Lucid Motors Merger Approval first appeared on InvestorPlace.
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