Lucid Group, Inc. (NASDAQ:LCID) is making two major moves this week-one to restructure its stock and another to deepen its footprint in autonomous mobility.
Meanwhile, TD Cowen maintained a Hold rating on Lucid Group, with a price target of $2.30.
The premium EV manufacturer has submitted a preliminary proxy filing with the SEC, outlining plans for a 1-for-10 reverse stock split.
The proposed change, which awaits shareholder approval, is intended to make Lucid’s Class A common stock more appealing to a wider base of investors.
Reverse Stock Split Proposal Heads to Shareholders
If shareholders approve the reverse split at an upcoming special meeting, it will reduce the number of outstanding shares while maintaining proportional ownership for investors — except in the case of fractional shares, which may be paid out in cash.
Lucid’s board noted it may cancel the plan if market conditions or other factors change.
A definitive proxy statement is expected to be filed and shared with shareholders soon and will be accessible through the SEC’s website and Lucid’s investor relations page.
Lucid Enters Robotaxi Arena With Uber and Nuro
In a separate development, Lucid has joined forces with Uber Technologies Inc. (NYSE:UBER) and robotics company Nuro to launch a high-end robotaxi service.
The initiative will kick off next year in a major U.S. city, using Lucid’s Gravity SUV outfitted with Nuro’s Level 4 autonomous driving technology, and deployed via Uber’s ride-hailing platform.
The trio plans to expand the service to more than 20,000 self-driving vehicles globally over the next six years.
Lucid will manufacture the vehicles with built-in autonomous systems, and Uber or third-party partners will oversee operations.
Marc Winterhoff, interim CEO of Lucid, said the partnership underscores the Gravity SUV’s strength in range, design flexibility, and advanced vehicle architecture.
As part of the collaboration, Uber also intends to invest hundreds of millions of dollars in both Lucid and Nuro, reinforcing its commitment to next-generation mobility.
LCID Price Action: Lucid shares are trading up 0.31% to $3.12 at publication on Friday.
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