Lucid Motors has scheduled a special shareholder meeting for August 18 to vote on the recently proposed 1:10 reverse stock split, the company said in a new regulatory filing published Monday.
The virtual meeting will be open to all shareholders of record as of July 25.
The proposal, if approved, would consolidate every 10 Lucid shares into one, effectively multiplying the stock price by 10 while proportionally reducing the number of outstanding shares.
The reverse split would not affect Lucid’s overall market capitalization.
The company has not disclosed the specific ratio in the latest filing, though it previously indicated plans for a 1-for-10 reverse split.
The move was announced a few minutes before revealing an agreement to supply 20,000 of its Gravity SUVs to Uber over six years.
As part of that deal, Uber plans to equip the vehicles with Level 4 autonomous technology developed by privately held Nuro and operate them as robotaxis beginning in “a major US city” in late 2026.
Speaking to Bloomberg on July 17, hours after announcing the planned 1-for-10 reverse split, Lucid’s interim CEO Marc Winterhoff dismissed concerns that the decision was driven by listing compliance issues.
“The listing happens when you are under $1, correct?” Winterhoff said, referring to Nasdaq’s minimum bid price rule.
“I don’t think we were anywhere close to below $1 but that was not the reason,” he added.
Lucid shares closed at $2.29 on July 17, a day before the split and partnership announcement.
The stock hit an all-time low of $1.93 in November last year but briefly rallied to $3.69 following the Uber news.
Since then, it has fallen roughly 25% over the past eight trading sessions, closing at $2.79 on Monday.
Winterhoff, who joined Lucid as Chief Operating Officer in late 2023 and took over as interim CEO in February, urged shareholders to participate in the upcoming vote.
The shareholder meeting is scheduled to begin at 9:00 a.m. Pacific Time and will be held virtually. Lucid shareholders will be able to vote online or submit their proxy in advance.
Lucid’s largest shareholder remains Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which holds an estimated 64% stake in the company.
According to Fintel, the company currently has 688 institutional shareholders holding a total of over 2.27 billion shares, with PIF holding 2,256,239,302 of those.
The electric vehicle maker saw a modest uptick in holdings by five Schwab-managed ETFs and mutual funds during the second quarter of 2025, according to regulatory disclosures published over the weekend.
Separately, as reported on Saturday, five Fidelity-managed funds made minor adjustments to their positions in the company over the same period.
Earlier in the week, IMC-Chicago—the U.S. arm of Dutch market-making firm IMC—reduced its common equity stake in Lucid Motors while increasing its exposure to bearish options.
