Lucid Group disclosed in a regulatory filing Monday it has received a subpoena from the Securities and Exchange Commission (SEC) concerning its merger this summer that made it a publicly traded company.

In a Form 8-K filing, the electric vehicle maker noted its receipt of the SEC subpoena on Dec. 3, “requesting the production of certain documents.”

“Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the company (f/k/a Churchill Capital Corp. IV) and Atieva and certain projections and statements,” Lucid stated in the filing.

Lucid became a publicly listed company trading on the Nasdaq Global Select Market following its merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV on July 23.

Lucid said it is “cooperating fully with the SEC in its review.”

The SEC has increased scrutiny on SPAC mergers since the practice began to boom in 2020. Other electric vehicle makers have been subject to investigations, including Nikola and Lordstown Motors.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal, enforcement, technology, and more.

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