Social Capital Hedosophia (NYSE: IPOF) stock is on the move on Tuesday after several Twitter and Stocktwits accounts noted that Lucid Motors will merge with Chamath Palihapitiya’s special-purpose acquisition company, instead of Churchill Capital Corp IV (NYSE: CCIV).
“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 CCIV in a statement earlier on Tuesday following many rumors surrounding the possible Lucid Motors merger.
CCIV stock has become a major talking point on Stocktwits. Initially, Stocktwits investors debated what a deal with Lucid Motors could mean for CCIV stock. Now, the talks center on whether or not a deal will happen.source
This PR by CCIV raised more questions than answers. Trouble is, Wall Street, or should I say retail investors are still waiting desperately for merger information.
Seems like market manipulators are using the void created by rumored SPAC merger deal that have not yet been officially announced to catch some profit in muddy waters.
While there is almost zero chance IPOF will merge with Lucid Motors, have in mind that CCIV-Lucid merger is not a done deal.
Bottom line: Until Lucid Motors management reveals further details, it’s difficult to say how CCIV’s SPAC will pan out. And in this environment, that’s reason enough for investors to keep trading carefully.