Shares of special purpose acquisition company (SPAC) Churchill Capital IV (NYSE: CCIV) were trading higher on Friday. Churchill is reportedly in talks to merge with electric-vehicle start-up Lucid Motors; its shares were moving up following remarks by Lucid’s CEO on CNBC.
As of 1:15 p.m. EST, Churchill’s shares were up about 15.1% from Thursday’s closing price.
Lucid Motors CEO Peter Rawlinson said that he couldn’t comment on reports of talks with Churchill Capital during his appearance on CNBC on Friday morning. Churchill’s stock price surged after Bloomberg reported on Jan. 11 that the two companies were in talks about a merger deal that would take Lucid public; but they fell earlier this week after The Wall Street Journal reported that a merger deal isn’t imminent.