CCIV Stock Price: Lucid Motors and Churchill Capital IV suffers more losses on Thursday

NYSE:CCIV fell a further 2% on Thursday as markets tumbled.
Meme stocks, as well as electric vehicle names, are under pressure.
Tesla continues to drop, taking other automakers down with it.

Stocks Reporter FXStreet

Update: CCIV continues to gyrate as THursday saw further losses for the stock. The shares dropped another 2% on Thursday having also fallen heavily on Wednesday. Concerns over China and the DIDI saga hit many EV names such as NIO, XPEV etc and this fed across to CCIV. Also meme stocks suffered heavy falles on Wednesday and CCIV is a retail favourite.

NYSE:CCIV may be starting to make its investors a little nervous after the SPAC stock extended its decline for the fourth straight session. Shares of CCIV dropped a further 3.26% on Wednesday to close the trading day at $25.52. CCIV is still trading above both its 50-day and 200-day moving averages, but shares are fast approaching those levels after the recent slide. With just two weeks to go before the shareholder vote and inevitable merger with Lucid Motors, CCIV could be experiencing a pull back as it heads into the period of uncertainty as a SPAC mergers into the newly public company.

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One catalyst that could have been the cause for another red day for CCIV was a rumor swirling around social media about some planned shareholder dilution. The source of this rumor was a section of some voting instructions sent to shareholders that mentions Lucid will increase common shares outstanding from 400,000,000 to 15,000,000,000. In the end, it seems to be a misinterpretation by investors, which caused unnecessary panic and confusion. It’s just another reminder that it is not prudent investing to believe everything that is read or heard on the internet.

CCIV stock news

The entire EV sector has been going through a minor pullback as industry leader Tesla (NASDAQ:TSLA) continues to fall after some recent bad news. Shares of Tesla fell 2.26% on Wednesday following another accident being blamed on the FSD technology as well as a new Model S Plaid catching on fire. Chinese EV stocks were pummeled after China announced it was cracking down on Chinese tech stocks listed on U.S. equity markets. Nio (NYSE:NIO) tumbled by 8.45%, while XPeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) fell 5.73% and 4.62% respectively.

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