:The U.S. securities regulator has asked Lucid Group Inc for documents related to an investigation into its blank-check deal, joining a growing list of companies that have come under scrutiny for their merger with shell companies.
"The investigation appears to concern the business combination between the Company and Atieva Inc and certain projections and statements," Lucid said in a regulatory filing https://bit.ly/32TtoSE. It was one of the biggest in a string of deals with Special Purpose Acquisition Companies that included electric vehicle makers such as Nikola Corp and Fisker Inc.
Nikola Corp is working with U.S. regulators to pay a US$125 million penalty to settle a charge against its founder Trevor Milton for using social media to repeatedly mislead investors.
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