Home Tech EV maker Lucid gets SEC subpoena on $24-bln blank-check deal

EV maker Lucid gets SEC subpoena on $24-bln blank-check deal

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Dec 6 (Reuters) – The U.S. securities regulator has asked Lucid Group Inc (LCID.O) for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell entities.

Shares of the luxury electric-car maker fell as much as 19.5% on Monday after it disclosed it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) on Dec. 3.

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

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Lucid’s deal with veteran dealmaker Michael Klein’s blank-check firm earlier this year gave the combined company a pro-forma equity value of $24 billion, making it one of the biggest deals with Special Purpose Acquisition Companies (SPACs).

The SEC declined to…

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