Lucid Group announces SEC investigation into SPAC deal has concluded

Credit: Lucid Group

Lucid Group has announced the Securities and Exchange Commission (SEC) has concluded its investigation related to its merger with a special purpose acquisitions company (SPAC) last year.

According to a Form 8-K regulatory filing published yesterday the SEC informed Lucid Group that they do not intend to recommend any enforcement action against the company. The company said it fully cooperated with the SEC during the review process.

As previously disclosed, on December 3, 2021, Lucid Group, Inc. (the “Company”) received a subpoena from the Securities and Exchange Commission (the “SEC”) requesting the production of certain documents in an investigation by the SEC related to the business combination between the Company (f/k/a Churchill Capital Corp IV) and Atieva, Inc. and certain projections and statements. The Company responded and fully cooperated with the SEC in its review. On April 27, 2023, SEC staff informed the Company that they have concluded the investigation and that they do not intend to recommend an enforcement action by the SEC against the Company,” the filing reads. (h/t: Market Screener)

The investigation was revealed in December last year in another regulatory filing in which Lucid said it had been issued a subpoena requesting certain documents pertaining to the merger of Churchill Capital Corp. IV and Atieva, Inc., and certain projections and statements.

Following the announcement last December shared of Lucid (LCID) plummeted more than 15%. ending the day at around $45 per share. Following the announcement that the investigation has concluded, shares have not moved much and are currently trading at $7.41 per share.

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