Shares of SPAC for electric car company Lucid plummet another 20% after merger announcement
Shares were down as much as 19.6% during midday trading, adding to a tumultuous week for the special purpose acquisition company, also known as a SPAC,
Key PointsShares of Churchill Capital IV continued to plummet for a second consecutive day after announcing a deal Monday night to bring EV firm Lucid public through a reverse merger.Shares were down as much as 19.6% during midday tradingExterior of the Lucid Air sedan, which debuted Sept. 9, 2020 as the company's first production vehicle.
LucidChurchill Capital IVcontinued to plummet for a second consecutive day Wednesday after announcing a deal Monday night to bring electric vehicle firm Lucid public through a reverse merger.Shares were down by as much as 19.6% during midday trading to $28.32, adding to a tumultuous week for the special purpose acquisition company,
also known as a SPAC, from well-known investor Michael Klein. The stock was off 38.6% on Tuesday. The back-to-back drops follows a nearly fivefold increase in the share price since early January when it was first reported the companies were in talks.Lucid CEO Peter Rawlinson on Tuesday attributed the decline in the share price to media reports that the company's expected valuation was between $12 billion and $15 billion, which led to an initial misunderstanding of the announced deal by investors. headtopics.com
"I think that the market is yet to properly comprehend what's going on,"in a Zoom interview. "Because to me, what was announced overnight was fantastically positive compared with anything that had been reported before." Read more: CNBC »
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