Shares Lucid GroupThe shares fell by 17% Monday in premarket trading after an investigation by the U.S. Securities and Exchange Commission into the SPAC contract for the company to go public.

According to Monday’s filing, the automaker claimed that it was served with a subpoena from the SEC on Friday “requesting certain documents related to an inquiry.” Lucid stated that although it is not certain as to what the outcome or scope of the matter will be, Lucid indicated that the probe appears to focus on the “business combination” between Churchill Capital Corp. IV and the automaker.

Lucid wrote in the filing, “The Company is fully cooperating with the SEC’s review.”

Lucid’s shares traded below $39 per share on Monday before the opening of the markets.

Lucid, the latest EV startup to become public through a SPAC agreement that has been thoroughly investigated by the SEC. Other examples include Nikola Corp., CanooAnd Lordstown Motors.

Most SPAC deals involving EV startups were first celebrated by investors. This sent shares through the roof, making founders millions, if they weren’t billionaires. However, the tides have turnedMany of these companies were targeted by SEC crackdowns in the last year, which included investigations and warnings to investors, as well as potential adjustments to accounting guidelines.