Lucid proposes 1-for-10 reverse stock split, files preliminary proxy

Lucid Group, Inc.

• Special meeting sought to authorize Board to effect a 1:10 reverse split of Class A common stock.
• Reverse split would not change percentage ownership except for cash for fractional shares.
• Proposal requires affirmative vote of majority of votes cast at the special meeting.
• Board reserves right to abandon the reverse split if no longer in company's best interest.
• Filed preliminary proxy statement with SEC; definitive proxy to be distributed to stockholders.