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Lucid stock dives after disclosing subpoena related to SEC investigation

Economy, Finance

Shares of Lucid Group Inc. took a 13.8% dive in premarket trading Monday, after the California-based electric vehicle maker disclosed that it was subpoenaed by the Securities and Exchange Commission related to an investigation. The company said in an 8-K filing that the SEC requested Lucid to produce certain documents related to the investigation, which Lucid said appears to concern a business combination between the company (and special purpose acquisition company (SPAC) Churchill Capital Corp. IV which took Lucid public) and Atieva Inc. and certain projections and statements. Lucid said it is “cooperating fully” with the SEC. Lucid’s stock has rocketed 141.7% over the past three months through Friday, while the S&P 500 has inched up 0.1%.

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