Why Churchill Capital IV Soared Over 30% Today

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Shares of special purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV.U) were up 30% as of 3:20 p.m. EST, after soaring almost 40% earlier in the session. 

The SPAC formed by former Citigroup banker and Wall Street veteran Michael Klein is in talks to take electric vehicle (EV) maker Lucid Motors public through a transaction that could be valued at up to $15 billion, according to Bloomberg. 

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