Transportation
Lucid Slumps on Plan to Sell 262.4 Million Shares
Lucid Group Inc.’s shares fell as much as 15% in post-market trading following the announcement.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
Lucid Group Inc. shares slid after the electric-vehicle maker said it plans to sell 262.4 million shares of common stock in a public offering that would be worth about $860 million at today’s closing price.
The company also gave its underwriter, BofA Securities, a 30-day option to purchase as many as 39.4 million additional shares, Lucid said Wednesday in a statement. The sale comes two months after Lucid got a cash infusion of as much as $1.5 billion from an affiliate of Saudi Arabia’s Public Investment Fund.