Lucid Group to implement 1-for-10 reverse stock split on August 29

Lucid Group (LCID) will proceed with a 1-for-10 reverse stock split of its shares of common stock and a corresponding reduction of its authorized shares of common stock following approval by its Board of Directors. The Reverse Stock Split and Authorized Share Reduction were previously approved by the company’s stockholders at a special meeting of stockholders held on August 18. The split and share reduction are expected to be effective at 5:00 p.m., ET on August 29. The company’s common stock is expected to begin trading on a split-adjusted basis under the same symbol when the market opens on September 2, with the new CUSIP number 549498 202. Every 10 issued and outstanding shares of the common stock will be automatically reclassified into one issued and outstanding share of the company’s common stock. This will reduce the number of shares outstanding from approximately 3,072.6 million to approximately 307.3 million. The number of authorized shares of common stock will be reduced from 15 billion to 1.5 billion to reflect the Reverse Stock Split. The Reverse Stock Split will not affect the par value of the common stock.