Lucid Files Preliminary Proxy Statement with the SEC to Initiate Plan for Reverse Stock Split

Core Viewpoint - Lucid Group, Inc. has filed a preliminary proxy statement with the SEC to authorize a reverse stock split of its Class A common stock at a ratio of one-for-ten (1:10) [1][2] Group 1: Reverse Stock Split Details - The proposed reverse stock split will not affect stockholders' percentage ownership interests or voting power, except for fractional shares that may result in cash payments [2] - The company believes that the reverse stock split will make its common stock more attractive to a broader range of investors [2] - Approval from a majority of votes cast at the special stockholders' meeting is required for the reverse stock split to proceed [2] Group 2: Conditions and Assurances - Completion of the reverse stock split is subject to market conditions and obtaining stockholder approval, with no guarantees that it will be completed or achieve the intended effects [4] - The Board reserves the right to not proceed with the reverse stock split if it is deemed not in the best interests of the company and its stockholders [4] Group 3: Company Overview - Lucid Group is a technology company based in Silicon Valley, focused on creating advanced electric vehicles, including the award-winning Lucid Air and the new Lucid Gravity [5] - The company assembles its vehicles in a vertically integrated factory located in Arizona, emphasizing industry-leading technology and innovations in EV technology [5]