There’s more bad news for Tesla rival Lucid Motors.

On Tuesday, shares of the luxury electric vehicle company Lucid Group (NASDAQ: LCID) fell a whopping 10% as the EV maker began trading following its 1-to-10 reverse stock split, which went into effect after Friday’s market close.

In case you missed it, here’s what to know.

What is a reverse stock split?

In short, a reverse stock split is when a corporation consolidates the existing number of stock shares, so there are fewer, higher-priced shares, according to Investopedia.

To be clear, this is the opposite of a stock split, where investors gain multiple shares, often at a lower price.

In an effort to avoid being delisted on the Nasdaq stock exchange, which, like the New York Stock Exchange, requires companies to meet a minimum tradi

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