Lucid receives subpoena from SEC related to stock deal

Lucid Group Inc. has received a subpoena from the U.S. Securities and Trade Commission searching for files relevant to an investigation on its blank-check offer, the luxurious EV maker reported on Monday.

“The investigation appears to worry the organization mixture in between the Organization (Churchill Capital Corp. IV) and Atieva Inc and specific projections and statements,” the organization reported in a regulatory submitting.

Shares in Lucid fell 12 p.c in premarket investing Monday.

The offer, which was finished before this yr, was with veteran dealmaker Michael Klein’s blank-check acquisition firm.

It was one particular of the most significant in a string of deals with Unique Intent Acquisition Firms (SPACs) that integrated EV makers this kind of as Nikola Corp and Fisker Inc.

Started in 2007 as Atieva Inc by former Tesla government Bernard Tse and entrepreneur Sam Weng, Lucid plans to reach generation goal of 20,000 motor vehicles in 2022 and fifty,000 in 2023.

It was funded initially by Chinese and Silicon Valley enterprise investors, with more funding from backers like point out-owned Chinese car maker BAIC Motor and Chinese technological know-how organization LeEco.

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