Peter Rawlinson, the CEO of the company, poses for a picture at the MarketSite in New York City after the company's stock market debut on the stock exchange.
The electric vehicle start-up disclosed a probe by the US Securities and Exchange Commission and its shares fell as much as 19.5%.
According to a filing Monday morning, the SEC requested the production of certain documents related to an investigation. There is no assurance as to the scope or outcome of this matter, but the investigation appears to concern the business combination between the automaker and blank-check company.
The company is cooperating with the SEC in its review, according to the filing.
The shares of Lucid were trading at around $41 a share.
The SEC is investigating a SPAC deal that has led to the public listing of Lucid. Canoo and Lordstown Motorcars have also been included.
Most SPAC deals involving EV start-ups were initially celebrated by investors, sending shares through the roof and making some founders millionaires, if not billionaires, overnight. Many companies have seen their stock prices plummet after the SEC cracked down on them this year, including investigations, warnings to investors and potential changes to accounting guidelines.
