Lucid Stock Tumbles As Luxury EV Maker Reveals SEC Subpoena Linked to SPAC Merger

Lucid Group  (LCID) – Get Lucid Group, Inc. Report shares slumped lower Monday after the upstart luxury electric carmaker said it received a subpoena from the U.S. Securities and Exchange Commission linked to a probe into its July merger with Churchill Capital. 

Lucid went public in July following a merger with Special Purpose Acquisition Company Churchill, a so-called a blank check company started by investment banker Michael Klein. Lucid was founded as Atieva in 2007 by former Tesla  (TSLA) – Get Tesla Inc Report executive Bernard Tse.

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