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Churchill will be merging with electric vehicle (EV) maker Lucid soon. Traders were so excited for Lucid that they bid CCIV stock up to $65 at one point.
Then the company did a fundraising deal at a far lower price and shares crashed. CCIV stock shed half its value in a single week once the company raised cash at a disappointing valuation.
CCIV stock has continued to tumble since then; shares are now off more than two-thirds from the February highs. Yet, nothing much has changed in the bigger picture.
At least as far as Lucid goes, the business’ prospects are not meaningfully worse than they were two months ago. That makes it worth taking a fresh look at the situation today.