Lucid stock plunged 16% in premarket trading after the electric car maker received subpoena from U.S. SEC.
Lucid Group Inc has received a subpoena from the U.S. Securities and Exchange Commission seeking documents related to a probe on its blank-check deal, the Luxury electric-car maker said on Monday.
"The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements," the company said in a regulatory filing.
The deal, which was completed earlier this year, was with veteran dealmaker Michael Klein's blank-check acquisition firm.
It was one of the biggest in a string of deals by electric vehicle makers such as Nikola Corp and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs).
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