Lucid stock tanks after being slapped with SEC subpoena over SPAC deal

Shares of Lucid Motors tanked Monday morning after the electric car maker disclosed that its been slapped with a subpoena as part of an investigation into the merger that took Lucid public earlier this year.

“On December 3, 2021, [Lucid] received a subpoena from the [Securities and Exchange Commission] requesting the production of certain documents related to an investigation by the SEC,” Lucid, which was formerly known as Atieva, said Monday in a disclosure filed with the SEC.