Electric Vehicle Makers Seek Fix on Potential Excess Stock Sales

Lucid Group Inc. and ChargePoint Holdings Inc. are following in the footsteps of fellow electric vehicle maker Lordstown Motors Corp. by asking a court to retroactively validate stock issuances that may have been unauthorized.

The companies filed separate petitions Tuesday in Delaware, saying a recent ruling by the state’s top court had undermined their confidence that they had properly obtained stockholder authorization for issuing hundreds of millions of shares related to their blank-check mergers.

Lucid raised its class A share limit from 400 million to 15 billion, while ChargePoint raised its maximum from 200 million to 1 billion, according to ...