Churchill Capital (NYSE:CCIV) stock is on the move Friday following news of the special purpose acquisition company (SPAC) closing its merger with Lucid Motors.
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Churchill Capital and Lucid Motors, an electric vehicle (EV) company, have been working on a SPAC merger for months. Now that work is finally done as the two companies have completed the merger.
As a result of the merger, Churchill Capital and Lucid Motors will be renamed Lucid Group. In addition to this, shares of CCIV stock will switch over to the LCID stock ticker. This will have CCIV shares being delisted from the New York Stock Exchange and LCID stock start trading on the Nasdaq Exchange at the start of trading on Monday.
Peter Rawlinson, as well as the rest of the executive team at Lucid Motors, will continue to lead the post-merger company. The leadership team at Churchill Capital will be assisting them with insight and connections in the industry.
Peter Rawlinson, CEO and CTO of Lucid Motors, said the following about the news boosting CCIV stock today.
“We are thrilled to complete our business combination with Churchill IV and become a public company. Lucid has further increased its momentum as we gear up to make the first customer deliveries of our Lucid Air lineup of electric sedans later this year.”
CCIV stock is seeing a decent amount of trading today following the merger news. As of this writing, more than 9 million shares of the stock have changed hands. That’s closing in on the company’s daily average trading volume of roughly 12.5 million shares.
CCIV stock was up 1.7% Friday afternoon and is up 131.6% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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