Based on a SEC filling on Monday, the EV startup Lucid disclosed that it had received a subpoena from the Securities and Exchange Commission (SEC) requesting the production of certain documents related to an investigation by the US agency. 
As per Lucid, "the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc….". Lucid also said that it is cooperating fully with the SEC.
Lucid Group, Inc debuted on Nasdaq on July 26 2021 via an SPAC merger with Churchill Capital Corp. IV, under which it raised $4.4 billion. 
Lucid is one of the hottest start-up in the EV arena and has already produced some notable achievements, such as the Car of the Year 2022 by MotorTernd for its first vehicle, the Air model  and the official EPA rating of 520 miles of range for the Air Dream Edition R .
It started delivering its first vehicles on October 30th , while on November 15 it released its financial results for the third quarter of the year.
LCID.us had jumped to multi-month highs (57.83) after the November Q3 results, but has been facing headwinds since and yesterday was its fifth straight losing day.
The stock plunged as low as 37.99 due to the SEC news on Monday, but managed to react and closed the day with a more modest loss of around 5% - well above 38.2% Fibonacci of the "September Low/November High" rise (41.93).
Above that and given the fact that broader sentiment is improved so far today with NAS100 on the green, LCID.us may find the opportunity to push back above 50.00, but it may be early to try for fresh highs (57.83)
Its recent poor performance has put immediate risk to the downside and a return back towards 37.99-02 could be in the cards, but a new catalyst is likely needed for bigger decline and a breach of the ascending trend-line form September's low (sub-30.00).
Past Performance: Past Performance is not an indicator of future results.
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
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