Lucid Motors falls when luxury car maker receives subpoena from SEC

Lucid Motors falls when luxury car maker receives subpoena from SEC
  • Lucid Group shares fell to a one-month low on Monday after the company said it had received a subpoena from the SEC.
  • The SEC’s investigation appears to be focused on the relationship between Lucid and Atieva.
  • Atieva was founded as a battery technology company in 2007.

Lucid Group fell sharply on Monday after the luxury electric vehicle maker said it had received a request for information from the Securities and Exchange Commission, a move that came a few months after the company was listed through a multi-billion SPAC deal.

Lucid fell 7% in afternoon trading after falling as much as 1[ads1]9% to $ 38.06, the lowest price since November 5. The sale was ignited after the company in a regulatory submission said that the SEC on December 3 requested certain documents from the company as part of an agency investigation.

“While there is no certainty as to the extent or outcome of this case, the investigation appears to relate to the business combination between the company (f / k / a Churchill Capital Corp. IV) and Atieva, Inc. and certain estimates and statements,” he said. Lucid in his filing. It said it cooperates fully with the SEC in its review.

The start-up shares began trading on July 26 after the shareholders of the acquisition company Churchill Capital IV approved the merger with Lucid. Lucid Motors was founded as a battery company called Atieva by former Tesla CEO Bernard Tse and founder Sam Weng in 2007.

Lucid raised $ 4.4 billion in the SPAC merger, with the funds aimed at helping it compete with Tesla and other electric car manufacturers.

Monday’s lowest intraday marked a 33% decline from the stock’s last high of $ 56.70. So far this year to Friday, Lucid shares had risen by around 372%.

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