Lucid Group initiates plan for 1:10 reverse stock split

Lucid Group (LCID) has filed a preliminary proxy statement with the SEC regarding a special stockholders’ meeting to authorize Lucid’s Board of Directors to effect a reverse stock split of the company’s Class A common stock at a ratio of 1:10. The reverse stock split would not affect any stockholder’s percentage ownership interests or proportionate voting power, except to the extent that it results in a stockholder receiving cash in lieu of fractional shares. The company believes the split will allow the company’s common stock to be more attractive to a broader range of investors and other market participants. At the special stockholders’ meeting, the proposed stock split requires the affirmative vote of a majority of the votes cast.