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Lucid receives subpoena from SEC associated to inventory deal

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Lucid Group Inc. has acquired a subpoena from the U.S. Securities and Alternate Fee searching for paperwork associated to an investigation on its blank-check deal, the luxurious EV maker mentioned on Monday.

“The investigation seems to concern the enterprise mixture between the Firm (Churchill Capital Corp. IV) and Atieva Inc and sure projections and statements,” the corporate mentioned in a regulatory submitting.

Shares in Lucid fell 12 p.c in premarket buying and selling Monday.

The deal, which was accomplished earlier this 12 months, was with veteran dealmaker Michael Klein’s blank-check acquisition agency.

It was one of many greatest in a string of offers with Particular Function Acquisition Corporations (SPACs) that included EV makers akin to Nikola Corp and Fisker Inc.

Based in 2007 as Atieva Inc by former Tesla govt Bernard Tse and entrepreneur Sam Weng, Lucid plans to attain manufacturing goal of 20,000 autos in 2022 and 50,000 in 2023.

It was funded initially by Chinese language and Silicon Valley enterprise buyers, with further funding from backers like state-owned Chinese language auto maker BAIC Motor and Chinese language expertise firm LeEco.

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