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Lucid Set To Join Nasdaq-100 Index

California-based electric vehicle maker, Lucid Group, Inc. (LCID), announced on Monday that it is set to join the Nasdaq-100 Index. The stock will be added to the list before the market open on Monday, December 20.

The Nasdaq-100 is an exchange where the market authorities add the best performing tech companies every year and remove those who are underperforming. To get listed on that index, the company must be listed on another major index for at least three months and must have an average trading volume of 200,000 shares on a daily basis.

Getting added to the index usually helps the companies as they result in a boost in the value of shares. So if a company needs to raise more funds, they can sell the shares and raise more fund than being listed on other indexes. Lucid has been under SEC probe lately after the company announced a merger with a shell company named Churchill Capital IV. The trade watchdog is investigating the projection and statement of the deal.

Lucid has also announced a convertible debt offering earlier this month which has tanked the shares. The stock has lost almost 11% of its value in the last 30 days due to the reports.

The company's first EV, Lucid Air Sedan was elected earlier as Moto Trend's Car of the Year.

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