A reverse stock split dragged the stock lower.

In its first trading day since it executed a reverse stock split after hours on Friday, Lucid Group ( LCID -10.53% ) stock was heading lower today as investors seemed to absorb the reality of that move this morning. The broader sell-off in the market, which may be related to uncertainty around interest rate cuts later this month, also likely pushed the electric vehicle (EV) stock lower.

As of 10:11 a.m. ET, the stock was down 4.6%.

Lucid goes in reverse

On Aug. 21, Lucid announced that it would execute a 1-for-10 reverse stock split, which was approved at a special stockholder meeting on Aug. 18. The stock pulled back 3% on Aug. 22 after that announcement.

The move reduced shares outstanding from 3.07 billion to 307.3 million, and

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