Lucid Group (NASDAQ: LCID) is currently down 17% and climbing in pre-market trading. The tumble follows certain filings made by the company this morning related to an investigation by the Securities and Exchange Commission.
It appears that Lucid is the latest SPAC, or special purpose acquisition corporation, transaction being investigated by regulators. The firm this morning indicated that on December 3, the company received a subpoena from the SEC.
Specifically, the company has indicated the subpoena is related to “the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc.” Atieva is the name under which Lucid was originally incorporated back in 2007.
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The firm, much like peers such as Nikola Corp, appears to have come under fire due to “certain projections and statements” made by the company is connection with the SPAC transaction.
Further details were not provided.
Lucid Group last traded at $47.27 in regular market hours, and is currently trading at $38.92 pre-market.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
