Lucid Stock Is Down as a Lockup Period Expires: What It Means
Shares of electric vehicle start-up Lucid Group (NASDAQ: LCID) were trading sharply lower on Wednesday morning. A "lockup" period for certain early investors has expired, meaning that they can now sell their shares.
Lucid's shares were down more than 20% in early trading on Wednesday. But as of 10:45 a.m. EDT, the shares had recovered somewhat and were down about 9.5% from Tuesday's closing price.
Auto investors will recall that Lucid went public via a merger with a special-purpose acquisition company, or SPAC.
Source Fool.com
