U.S. SEC subpoenas Electric-car maker Lucid

Electric car maker Lucid Group has received a subpoena from the U.S. Securities and Exchange Commission seeking documents related to a probe on its blank-check deal, Reuters reports.

The Luxury electric-car maker’s shares were down nearly 8% on Monday.

“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 (NKLA.O) and Fisker Inc that have gone public by combining with special purpose acquisition companies (SPACs).