Why SPAC Stock Churchill Capital IV Crashed Today

Why SPAC Stock Churchill Capital IV Crashed Today

Shares of Churchill Capital IV (NYSE: CCIV) plunged 18.5% on Wednesday, following the special purpose acquisition company's deal with electric vehicle maker Lucid Motors. Churchill's stock price surged to a high of $64.86 on Feb. 18 following reports that the SPAC was in talks to merge with Lucid. Churchill Capital IV's stock price is down sharply since announcing its deal with Lucid Motors.