Shares of EV maker Lucid slide after disclosing SEC subpoena

SILVER SPRING, MD. » Shares in the electric vehicle startup Lucid Group tumbled Monday after saying that said it had been subpoenaed by government regulators, apparently over the process by which it became a publicly-traded company last summer.

Lucid shares skidded 18% at the opening bell and they were down 9% near midday at $42.75.

In a filing with the Securities and Exchange Commission, the California company said an investigation by the SEC “appears to concern the business combination between the company and Atieva Inc. and certain projections and statements.”

Lucid, formerly known as Churchill Capital Corp. IV, began trading on NASDAQ in July after combining with Atieva, a so-called special purpose acquisition company.