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


(Reuters) -Lucid Group Inc has obtained a subpoena from the U.S. Securities and Exchange Commission searching for paperwork associated to a probe on its blank-check deal, the Luxury electric-car maker mentioned on Monday, searching for its shares down practically 8%.

“The investigation seems to concern the enterprise mixture between the Company (Churchill Capital Corp. IV) and Atieva Inc and sure projections and statements,” the corporate mentioned in a regulatory submitting https://bit.ly/32TtoSE.

The deal, which was accomplished earlier this yr, was with veteran dealmaker Michael Klein’s blank-check acquisition agency.

It was one of many largest in a string of offers by electrical car makers resembling Nikola Corp and Fisker Inc which have gone public by combining with particular goal acquisition corporations (SPACs).

(Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel and Arun Koyyur)

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