Photo by Andrew Hawkins / The Verge
The Securities and Exchange Commission (SEC) is investigating yet another merger between an EV startup and a special purpose acquisition company, or SPAC. This time, it’s the massive deal from July that turned Saudi-owned Lucid Motors into a publicly traded company worth more than $20 billion.
Lucid Motors announced the probe in a Monday morning stock exchange filing. The startup said that it received a subpoena from the SEC on December 3rd “requesting the production of certain documents related to an investigation” that “appears to concern” the merger, as well as “certain projections and statements.” Lucid Motors said it’s “cooperating fully with the SEC in its review.”
The startup, which was founded in 2007 as a battery tech company…