Lucid (NASDAQ:LCID) stock has had quite a bumpy ride since its public debut. Shares of the electric vehicle (EV) company are up by more than 15% year-to-date (YTD) but still down more than 60% for the past 12 months.
During the fourth quarter, Lucid delivered 3,493 vehicles, bringing total 2022 production to 7,180 vehicles. That figure came in ahead of the guidance of between 6,000 and 7,000 vehicles, although that guidance had been lowered from between 12,000 and 14,000 vehicles during the year.
Now, Lucid plans on making several changes at its upcoming annual meeting of stockholders on April 24. The record date for the meeting was Feb. 28, so anyone buying shares after that date will not be eligible to cast votes.
Dear LCID Stock Fans, Mark Your Calendars for April 24
Shareholders will be able to vote on six proposals at the meeting. Proposal number one seeks to elect nine nominees to serve as directors until the 2024 annual meeting of stockholders. Next, proposal number two seeks to ratify Grant Thornton LLP as Lucid’s independent registered public accounting firm for the fiscal year ending Dec. 31, 2023. Grant Thornton has acted as the company’s accounting firm since the closing of the Churchill Capital Corp IV merger.
Next, the third proposal involves approving the compensation for certain named executive officers. Meanwhile, proposal four involves the approval of the company’s Amended and Restated 2021 Stock Incentive Plan. The amended plan would increase authorized shares issuable for awards by 39.16 million shares in order to attract and retain talent. As of Feb. 15, there were 24.58 million shares available for issuance under the previous plan.
Moving on, proposal number five looks to gain approval for the amendment and restatement of the current certificate of incorporation. An approval would mean that any director can be removed from office by stockholders, with or without cause, by the “affirmative vote of the holders of a majority of the total voting power of all outstanding securities of the Company generally entitled to vote in the election of directors, voting together as a single class.”
Finally, proposal number six acts as an adjournment tool and likely means that Lucid can choose to adjourn the meeting if any of the proposals do not receive sufficient approval votes.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.