Churchill Capital Corp IV (CCIV) shares have skyrocketed 7% on Monday after rumors about a potential merge with electric vehicle manufacturer Lucid Motors resurfaced. The continuous growth of stock price marked a 167% jump in a period of under three weeks, so CCIV now possesses a market cap of around $6.2 billion. CCIV has jumped 7.47% and sold for $23.91 at 12:00 pm ET.
Earlier on Monday, it was reported that the merger might be postponed until after Lucid Motors settles its deal with Saudi Public Investment Fund that currently holds 67% of Lucid Motors stocks and is planning to open a new Lucid production site in Jeddah, Saudi Arabia.
Lucid Motors is led by Peter Rawlinson, the engineer behind Tesla's Model S. His new company Lucid Motors is planned to begin deliveries in the spring of 2021 and reach a volume of 30,000 cars per year, eventually increasing capacity to 400,000 units annually.
