Lucid Group is down 15% after disclosing SEC subpoena

Lucid Group (NASDAQ:LCID) falls sharply after the company discloses a subpoena that indicates that the SEC may be probing elements of the company's SPAC deal.
"The investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements," reads the new SEC filing.
The company says it is cooperating fully with the SEC in its review.
Shares of Lucid Group are down 15.13% premarket to $40.09. The relative strength index on Lucid is back below 50.
Check out Seeking Alpha's Catalyst Watch for other stocks expected to see some share price volatility this week.