Shares of Lucid Group had been down by as a lot as 19.5% throughout buying and selling Monday morning following the electrical car start-up disclosing a probe by the U.S. Securities and Trade Fee probably into the corporate’s SPAC deal to go public.

The automaker stated it acquired a subpoena on Friday from the SEC “requesting the manufacturing of sure paperwork associated to an investigation,” in response to a submitting Monday morning. Lucid stated though there may be “no assurance as to the scope or final result of this matter, the investigation seems to concern the enterprise mixture” between the automaker and blank-check firm Churchill Capital Corp. IV.

“The Firm is cooperating totally with the SEC in its assessment,” Lucid stated within the submitting.

Shares of Lucid had been buying and selling down by about 13% throughout buying and selling midmorning Monday to round $41 a share.

Lucid is the most recent EV start-up to go public through a SPAC deal that is been investigated by the SEC. Others have included Nikola Corp., Canoo and Lordstown Motors.

Most SPAC offers involving EV start-ups had been initially celebrated by traders, sending shares by the roof and making some founders millionaires, if not billionaires, in a single day. However the tides have turned in opposition to most of the firms after crackdowns this yr by the SEC, together with investigations, warnings to traders and potential modifications to accounting pointers.