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Lucid Group Executes 1-for-10 Reverse Stock Split Amid EV Market Struggles
Lucid Group Executes 1-for-10 Reverse Stock Split Amid EV Market Struggles
23
3
BTCCSquare news:
Lucid Group (LCID) has completed a 1-for-10 reverse stock split, a strategic MOVE aimed at artificially boosting its share price while reducing outstanding shares. The EV maker's stock had plummeted over 31% this year prior to the split, now trading at approximately $17 per share—up from just over $2.
The company claims the maneuver will attract a broader investor base, citing competitors with higher share prices as benchmarks. However, the EV sector faces headwinds, including the expiration of the $7,500 federal tax credit under recent legislation. Lucid's Q2 earnings surpassed estimates, but market skepticism persists.
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