The merger between Churchill and Lucid, then known as battery technology company Atieva, was announced in February and valued the startup at $24 billion. The deal raised more than $4 billion for the manufacturer and its first customer deliveries took place in October.
SPACs (special purpose acquisition companies) streamline the IPO process for new companies. Instead of going through the regulatory steps required to go public, a startup merges with a shell company that is already publicly traded.
Rivian went public in November without the use of an SPAC merger.
News of the subpoena being served to Lucid by the SEC comes on the heels of similar investigations into the SPAC mergers and information provided to investors by EV startups such as Nikola, Canoo, and Lordstown Motors.
Nikola founder Trevor Milton was charged by the SEC and Department of Justice over statements he made that the agencies say could be used to mislead investors. The electric semi truck manufacturer has stated that it has set aside $125 million for fines which it hopes will settle the case.
Lucid's share price fell to a one-month low with the news of the SEC subpoena, which was revealed in a stock exchange filing this morning.
For more on Lucid's subpoena situation check out this video from Torque News Editor Armen Hareyan.
James Walker is an automotive journalist at Torque News focusing on Lucid Motors electric vehicles. If it's got wheels he's interested in it, and he's very excited to see what kind of driver's/performance cars the EV revolution brings us. Whether it's fast, slow, new, or old, James wants to have a look around it and share it in print and on video, ideally with some twisty roads or a track involved. You can connect with James on Twitter, Instagram, and LinkedIn.