- NYSE:CCIV dipped by 2.12% on Wednesday as growth stocks pulled back during another choppy session.
- CCIV and Lucid may have been pre-mature in announcing the impending merger, as the hype only lasted for one day.
- Lucid rival Tesla heads to the U.K. to scout out a potential new site for a production plant.
NYSE:CCIV has been back making headlines lately as the much anticipated SPAC merger for the ‘Tesla Killer’ nears. On Wednesday, the stock pulled back from its recent rally and shed 2.12% to close the trading day at $18.97. Most recently, the stock seemed destined to head back down to its $15 PIPE price, but met a support level just under $18.00, buoyed by some timely announcements regarding the upcoming merger. Shares are still trading below both the 50-day and 200-day moving averages, but CCIV has performed better than most other SPAC stocks during the recent correction.
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On Tuesday, Lucid officially tweeted out that the LCID ticker symbol would be appearing on the NASDAQ exchange in the near future. The announcement sent investors into a frenzy, and CCIV saw significant gains once again. The dip on Wednesday could be the result of the market having a short memory of how recent SPAC mergers have performed. Companies like Clover Health (NASDAQ:CLOV), UWM Holdings (NYSE:UWMC), and Skilz (NYSE:SKLZ), have all performed terribly since their mergers, just to name a few. The overall bearish sentiment towards SPAC IPOs right now has been evident in a majority of them trading below the $10 NAV price.
CCIV stock news
In other electric vehicle news, Lucid rival Tesla (NASDAQ:TSLA) has been scouting regions of the U.K. for a potential location for its newest production plant. While Lucid continues to move towards having their vehicles on the road, Tesla is establishing a vast international presence with its ever important first mover advantage.
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