Lucid Plunges as SEC Investigates Another Post-SPAC EV Maker (2)

Dec. 6, 2021, 2:55 PM

Lucid Group Inc. disclosed it’s become the latest electric-vehicle maker to come under U.S. investigation following a merger with a blank-check company, sending its shares plummeting.

The maker of the $169,000 Air sedan said in a regulatory filing Monday that it received a subpoena from the U.S. Securities and Exchange Commission on Dec. 3. Lucid said the probe appears to relate to the carmaker’s combination with Churchill Capital Corp. IV, the special purpose acquisition company that took Lucid public in July.

Lucid shares plunged as much as 19% to $38.06 shortly after the start of regular trading Monday. The ...

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