Electric-car maker Lucid receives subpoena from U.S. SEC

The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc

  
The Lucid Air speed test car is displayed at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. Image used for illustrative purpose.

The Lucid Air speed test car is displayed at the 2017 New York International Auto Show in New York City, U.S. April 13, 2017. Image used for illustrative purpose.

REUTERS/Andrew Kelly

Lucid Group Inc has received a subpoena from the U.S. Securities and Exchange Commission seeking documents related to a probe on its blank-check deal, the Luxury electric-car maker said on Monday, seeking its shares down nearly 8%.

"The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements," the company said in a regulatory filing.

The deal, which was completed earlier this year, was with veteran dealmaker Michael Klein's blank-check acquisition firm.

It was one of the biggest in a string of deals by electric vehicle makers such as Nikola Corp and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs).

(Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel and Arun Koyyur) ((Nivedita.Balu@thomsonreuters.com; Twitter: @niveditabalu;))


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