Lucid Motors has set its 2026 annual meeting of stockholders for June 4, the company disclosed in a new proxy filing as shares hit consecutive new all-time lows.
The virtual meeting will ask stockholders to vote on five proposals and is scheduled for 9:00 a.m. Pacific Time.
The proposals include the election of nine directors, the ratification of KPMG as the company’s independent auditor, and an advisory vote on executive compensation.
Additionally, the Saudi-backed EV maker is seeking shareholders’ approval for an amendment to the 2021 Stock Incentive Plan adding 23.5 million shares, and on the frequency of future say-on-pay votes.
The amendment to the 2021 Stock Incentive Plan, if approved, would increase the total authorized share pool to 61,366,924 — providing additional headroom for executive equity grants under the structure approved earlier this month for incoming Chief Executive Silvio Napoli.
A Letter Signed by the PIF-Linked Chairman
Lucid‘s Board Chairman Turqi Alnowaiser serves as Deputy Governor and Head of the International Investments Division at Saudi Arabia’s Public Investment Fund — the company’s largest shareholder with approximately 50% of outstanding shares.
Alnowaiser has chaired the Lucid board since April 2023 and joined as a director in April 2019, the year following PIF’s initial $1 billion investment in the company.
He also serves on the board of Uber, which last week expanded its Lucid Motors vehicle purchase commitment to a minimum of 35,000 units and increased its equity stake.
In the letter to stockholders that opens the proxy filing, Alnowaiser said incoming Chief Executive Silvio Napoli “brings extensive experience leading global, technology-driven organizations, with a proven history in manufacturing excellence, growth, and customer service.”
The Chairman also confirmed that interim Chief Executive Marc Winterhoff will stay with the company as Chief Operating Officer once Napoli formally assumes the CEO role.
“We have taken important steps to strengthen our balance sheet and support our path to scale and profitability,” Alnowaiser wrote in the letter, dated April 23. “Lucid Motors has reinforced its capital position and formed new, capital-efficient strategic partnerships that accelerate our speed to market.”
Alnowaiser pointed to the company’s midsize platform as what will allow Lucid to scale its addressable market.
“As we prepare our new Midsize vehicles designed for scale and efficiency, we believe these products will propel Lucid Motors into higher volume premium segments of the global automotive market,” he wrote.
Stock at New All-Time Lows
The proxy filing landed with Lucid Motors shares at their lowest levels since the company’s 2021 public market debut.
Shares touched a fresh all-time low of $6.17 on Friday — equivalent to $0.617 on a pre-reverse-split basis — before closing at $6.27, leaving the company with a market capitalization of $2.06 billion.
The new low extended the slide that produced three consecutive all-time lows during the previous trading week-
The stock has fallen 53.3% over the past three months, and 74.9% over the past twelve months.
As reported by EV on Friday, Lucid Motors Vice President of Communications Nick Twork addressed shareholders on X on Thursday as the stock hit the third new all-time low of the week.
Twork pointed to the $1.05 billion in capital raised over ten days and the appointment of a new chief executive, telling investors that “the share price will reflect that when we’ve earned it.”
The collapse has continued despite the resolution of a 14-month leadership search by the board.
Shares spiked to $10.56 on the day of the appointment announcement, before retracing to current levels — a decline of approximately 41% from that intraday peak.
Napoli’s appointment was disclosed alongside a $1.05 billion capital raise: a $300 million registered public offering, a $200 million additional Uber investment, and a $550 million convertible preferred stock investment from Ayar Third Investment Company, a PIF affiliate.
The company is scheduled to report first-quarter results on May 5.
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