Lucid Announces 1-For-10 Reverse Stock Split: How's The EV Stock Reacting?

Lucid Group Inc (NASDAQ:LCID) shares are moving in Thursday’s after-hours session after the company announced a reverse stock split.

LCID is underperforming relative to peers. Check the full analysis here.

What Happened: After the market close on Thursday, Lucid announced a 1-for-10 reverse stock split of its common stock and a corresponding reduction of its authorized shares.

The number of authorized shares will be reduced from 15 billion to 1.5 billion to reflect the split. The reverse stock split and share reduction are expected to become effective after the market close on Aug. 29. The company’s stock is set to begin trading on a split-adjusted basis when the market opens on Sept. 2.

The stock split comes with Lucid shares down approximately 30% since ...