Churchill Capital falls after report Lucid deal not imminent

Churchill Capital V

03/02/2021 17:07

** Churchill Capital Corp IV  CCIV.N  shares fall after Wall
Street Journal report https://www.wsj.com/articles/electric-car-buzz-pushes-up-shares-in-company-with-nothing-but-cash-11612367394
 that talks between the SPAC (special purpose acquisition
company) and electric-vehicle firm Lucid Motors are continuing,
though a deal is not imminent
    ** CCIV shares last down 8.0% at $29.57 after trading halt
    ** Stock was trading around $33 when WSJ report, citing
people familiar with the matter, hit the wire just before 11:00
am EST
    ** Michael Klein-backed SPAC has jumped ~170% to as high as
$35.18 on Tues since Bloomberg first reported on Jan 11 that
deal to take Lucid public could be valued up to $15 bln
    ** Three days later, stock retreated after CNBC's David
Faber threw cold water on potential tieup  urn:newsml:reuters.com:*:nL1N2JP1PG
    ** On Jan 19, Churchill, responding to inquiries from
shareholders and the NYSE, as well as the "unusual trading" in
its shares, said it was reviewing a "range of potential business
combinations"  urn:newsml:reuters.com:*:nPn63qGC1a

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))