The U.S. securities regulator has asked Lucid Group for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell entities, Reuters reports.
Shares of the luxury electric-car maker fell as much as 19.5% Monday after it disclosed it had received a subpoena from the SEC on Dec. 3.
“The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements,” Lucid said in a regulatory filing. Read more.
