Electric-Car Maker Lucid Plunges After Receiving SEC Subpoena   

Lucid Group Inc shares plunged premarket after it released a filing that revealed it received a subpoena last week from the U.S. Securities and Exchange Commission (SEC) about documents related to its blank-check deal. 

The Luxury electric-car maker released an 8-K filing Monday morning indicating it “received a subpoena” from the SEC related to an investigation. “Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements,” the filing said. 

Shares of Lucid fell as much as 11% on the news.

Unlike other EV companies, Lucid insider transactions appear to be mute. 

Lucid said the company is “cooperating fully with the SEC in its review.”