Churchill Capital Corp IV (NYSE: CCIV) stock was among the casualties of the EV SPAC cool down and currently trades under $18, which is a massive drop from its 52-week high of $64. The EV selloff impacted several stocks, but some, such as CCIV, were badly hit. It appears that the blank check firm received a raw deal despite its shares rising over 470% following its merger with Lucid Motors.
The excitement was justifiable considering ex-Tesla (NASDA: TSLA) executive leads Lucid. Most importantly, unlike other companies in the industry, Lucid has gained massive traction with significant reorders. So far, the EV company has sold all reservations for the Lucid Air Sedan in Dream Edition at $170,000 without options and rebates.
Currently, CCIV is on an upward trajectory towards the $15 PIPE placement price. Normally this price is around $10, but the increase occurred since CCIV changed hand at almost $60 when it announced the merger with Lucid. In the coming months, this is a stock to watch.