Exterior of the Lucid Air sedan, which debuted Sept. 9, 2020 as the company’s first production vehicle.
Shares of Churchill Capital IV plummeted for a second consecutive day Wednesday after the company announced a deal Monday night to bring electric-vehicle firm Lucid public through a reverse merger.
The stock closed down 18.5% to $28.70 a share, adding to a tumultuous week for the special purpose acquisition company, also known as a SPAC, from well-known investor Michael Klein. Shares were off 38.6% on Tuesday. The back-to-back drops follow a nearly fivefold increase in the share price since early January, when it was first reported the companies were in talks.
Lucid CEO Peter…