Overview

• Lucid has called a virtual special meeting for Aug. 18 to ask shareholders to approve a 1-for-10 reverse split that would consolidate every ten shares into one without changing its market capitalization.
• Interim CEO Marc Winterhoff insisted the split is not linked to Nasdaq’s $1 minimum bid price rule.
• The vote follows Lucid’s mid-July agreement to supply 20,000 Gravity SUVs to Uber over six years, with Nuro’s Level 4 system powering robotaxi service in a major U.S. city from late 2026.
• Shares briefly surged to $3.69 after the partnership announcement but have since fallen about 25% over eight trading sessions to near $2.79.
• Saudi Arabia’s Public Investment Fund remains Lucid’s largest stakeholder with roughly 64% ownership as the company advances its SUV rollout and autonomy plans.