- NYSE:CCIV edges lower after cooling optimism among US traders.
- Lucid’s shareholder vote is set for Thursday, but production questions remain unanswered.
- Lucid also announces its plans to expand into European markets by 2022.
Update July 22: NYSE:CCIV ended Thursday in the red at $22.90, down 2.26% on a daily basis. American indexes struggled to post gains after the country posted softer-than-anticipated macroeconomic figures. Weekly unemployment claims unexpectedly jumped to 419K in the week ended July 16, spurring concerns about stalling economic progress. The NYSE Composite shed 38 points, although the three major indexes managed to post modest intraday gains.
Previous update: CCIV shares are up over 1% in early trading on Thursday as the vote nears on the Lucid merger. Sector leader Tesla is also up on the day. The vote on the merger with Lucid Motors takes place on Thursday with investors awaiting the outcome.
NYSE:CCIV retraced on its near 10% gain on Tuesday, as investors gave off mixed signals on the eve of the company’s shareholder vote to merge with Lucid Motors. Shares of CCIV fell by 3.50% on Wednesday and closed the trading day at $23.43. There has been noted increased volatility by SPAC stocks as they approach their merger dates, so this should come as no surprise. The move also came on a day where the broader electric vehicle industry was mixed, with Tesla (NASDAQ:TSLA) falling 0.79% after CEO Elon Musk once again implied that the company would accept Bitcoin as payment for its cars.
Thursday marks the day that investors have been waiting months for, as shareholders will vote on the official merger between CCIV and Lucid. The vote should pass with little doubt, although shareholder bullishness comes despite question marks about production time for its cars. Lucid continues to be vague about the exact release date for its Lucid Air sedans, as well as estimates on future scaling. Lucid has reiterated that the vehicles will be on the roads in the second half of 2021, but with only five months left in the year, investors should look for more clarity before buying any more shares.
CCIV stock news
Lucid did make an announcement on Wednesday regarding future plans for European expansion. The automaker expects to be in the crowded German market by 2022, and is also looking to expand into other countries like Norway, which has been a popular launch country for companies like Tesla, Nio (NYSE:NIO), BYD (OTC:BYDDY), and XPeng (NYSE:XPEV).