Why are EV Lucid (LCID) Shares Set to Open Sharply Lower Today

December 6, 2021 6:31 AM EST
Get Alerts LCID Hot Sheet
Price: $27.15 -5.4%

Overall Analyst Rating:
    NEUTRAL (= Flat)

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Shares of Lucid Group (NASDAQ: LCID) are down 14% in pre-open Monday after the company disclosed that it received a subpoena from the US Securities and Exchange Commission (SEC) on Friday.

The subpoena is related to the “business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements.”

Accordingly, the Commission is seeking documents from Lucid and the company is said to be fully cooperating.

Lucid share price closed at $47.27 on Friday and is now indicated to open at $40.62.

Lucid shares are up more than 370% YTD after a rally at the end of October helped to more than double the value of the electric vehicle (EV) company.



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