Lucid announces reverse stock split

Logo of Lucid Group

Lucid Group has implemented a reverse stock split at one-for-10, reducing its authorized share capital to 1.5 billion shares from 15 billion, following the approval of its board of directors in August.

As a result of the reverse split, every 10 shares were consolidated into a single share, bringing the total number of issued shares down to approximately 307.3 million from 3,072.6 million.

The company will not round up fractional shares; instead, eligible shareholders will receive cash payments based on the aggregate proceeds from the sale of such fractional shares at market prices.

The reverse split—effective as of trading on Tuesday—applies to all issued and issuable shares, including upon conversion of preferred stock, stock options, and other equity instruments.

For shareholders holding Lucid shares—headquartered in Silicon Valley—through a broker, bank, or similar institution, their positions will be automatically adjusted to reflect the reverse stock split, in accordance with each intermediary’s procedures.