Image: @LucidMotors on Twitter
The U.S. Securities and Exchange Commission (SEC) has ordered California electric vehicle (EV) manufacturer Lucid Motors to represent itself in court, as shown in a new report.
Lucid Motors received a subpoena from the SEC this week, regarding its blank-check acquisition deal made earlier this year, according to a regulatory filing shared by the automaker on Monday, as reported by Automotive News.
In the filing, Lucid said, “The investigation appears to concern the business combination between the Company (Churchill Capital Corp. IV) and Atieva Inc and certain projections and statements.”
Lucid Motors Market Cap Could Eventually Be Valued Like Tesla, Says CEO https://t.co/mCOSBrNVV0
— TeslaNorth.com (@RealTeslaNorth) November 16, 2021
Shares of Lucid fell 12 percent in Monday premarket trading after the news of the subpoena came out.
The blank-check deal was made earlier this year with veteran dealmaker Michael Klein, through Klein’s acquisition firm.
Lucid was among the largest of the contracts made through Special Purpose Acquisition Companies (SPACs), alongside EV startups like Fisker, which is getting ready to release its first EV, and Nikola, whose Founder Trevor Milton is being charged with securities fraud.
The California automaker also began delivering its first copies of its first EV, the Lucid Air Dream Edition, at a special event in October.
Lucid hopes to produce 20,000 vehicles in 2022, with production targets rising to 50,000 in 2023.
