- NYSE:CCIV bounces from support as crypto weakness ongoing.
- Lucid Motors CCIV merger deal is not good news, but retail flow should help.
- Electric vehicle companies get hammered after Elon Musk’s latest Twitter outburst.
Update: CCIV shares recovered some ground on Friday as the stock failed to break key support at $17.62. Holding the line here may provide some succour for CCIV bulls. A delay in the merger date is not exactly good news for investors and neither is the continued wait for the first production vehicle.
NYSE:CCIV is on a one-way road back down to its SPAC NAV price as investors are getting impatient with the once promising electric vehicle merger. That is not to say that Lucid Motors will not one day be a fine investment, but concerns over pre-merger valuations and management being noncommittal about future vehicle deliveries has taken most of the wind out of CCIV’s sails. On Thursday, CCIV fell a further 3.1% and broke a key support level that could see the stock plummet back to its $15 PIPE price. There seems to be some support in after hours trading though as the stock is back up 2% at the time of this writing.
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CCIV and Lucid made some announcements on Thursday that have given investors some clarity over the ambiguous merger. First, the merger date for the SPAC has been moved to the third quarter of 2021 to align with the launch of its Lucid Air sedan. The company has reported over 9,000 reservations and anticipates over $800 million in sales this year. Lucid will also be providing a digital user experience update on May 26th, which should provide further clarity over the state of the company.
CCIV stock news
Lucid rival Tesla (NASDAQ:TSLA) is back in the headlines as Elon Musk managed to tank the major cryptocurrency indices overnight with one tweet. Musk reiterated on Thursday that he is very much in favor of Bitcoin, but cannot support the current methods of Bitcoin mining which he deems are harmful to the environment. The entire EV sector sold off on Thursday, led by Tesla which fell 3.09%.
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