- Shares of Churchill Capital Corp. IV are up over 50% in a two-day streak to start the week.
- News of the SPAC potentially taking EV company Lucid Motors public is driving the share price higher.
- The fourth of seven 'blank-check' companies operated by Michael Klein, Churchill Capital Corp. IV's plan for Lucid Motors would keep the SPAC craze going in 2021.
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Churchill Capital Corp IV is operated by veteran Wall Street dealmaker Michael Klein, and is the fourth of seven 'blank-check' companies which Klein has been using to take partner companies public.
In this case, the partner firm is Lucid Motors, a relatively well-established EV manufacturer based out of Newark, California, and which targets the luxury end of the car market. The deal could potentially value Lucid at $15 billion, according to Bloomberg.
Lucid is yet another competitor in an increasingly crowded EV space. However, the company has a little more going for them than many of its competitors.
Lucid boasts world-class EV tech and is owned in part by the Public Investment Fund of Saudi Arabia after a 2019 funding round valued at over $1 billion.
In the past year, the news around Lucid heated up significantly, especially after the company's September announcement of their first full-sized EV, the Air.
Starting at $77,400 ,the Air features a 9.9 second quarter-mile and fast-charging that captures 300 miles of new EV range in just 20 minutes.
Shares of Churchill Capital Corp IV are trading close to $15 after hovering around the $10 mark for months. The SPAC was the third most traded name among Fidelity customers as of Tuesday morning, behind EV makers Nio and Tesla, according to data from Fidelity.