Home Business SPAC Churchill Capital declines comment on whether it is pursuing specific merger following ‘unusual’ trading of its stock

SPAC Churchill Capital declines comment on whether it is pursuing specific merger following ‘unusual’ trading of its stock

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Churchill Capital Corp IV
CCIV,
-3.27%,
a special purpose acquisition corporation set up by former Citigroup Inc. banker Michael Klein, issued a statement on Tuesday in response to inquiries from shareholders and following what it called ‘unusual trading’ in its shares in recent sessions. The blank-check company, which was formed for the purpose of acquiring a business or businesses, said it is always reviewing a range of potential business combinations to find a best fit for its shareholders. “We do not generally comment on rumors and speculation and will not comment as to whether the company is or is not pursuing a specific business opportunity other than saying, as noted, we are always evaluating a number of potential business combinations,” said the statement. Churchill shares have gained about 50% in the last three months, amid media reports that it is in talks for a merger with electric vehicle company Lucid Motors. Electric vehicles have become a major subject of speculation after Tesla Inc.’s
TSLA,
+2.00%
more than 700% gains in the last 12 months.

This article is auto-generated by Algorithm Source: www.marketwatch.com

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