This is a classic example of 'it looks so easy until you try'. You can do this, but you'll have to manually edit each letter into its stretched form, sometimes adding extra anchors and editing curves.
For example for the C, add four anchor points on both sides of the shape: two just above the vertical middle, one on each side, and two below, one on each side:
Then, select all anchors on the bottom side of the shape, excluding those in the exact middle, and move them down.
For other letters like E or A you will have to use other tricks to prevent weird effects, like the middle bar of the E stretching to a huge block. In that case, you stretch the two gaps separately.
An easier alternative is to look for typefaces that come pre-made in this style, which are usually called 'condensed', and use them at huge sizes.