Reported about 1 month ago
Lucid Group Inc. saw a significant drop in its stock price following its announcement to sell 262.4 million shares in a public offering, estimated to raise around $860 million. This decision comes shortly after securing a cash infusion from a Saudi investment affiliate and aims to support general corporate needs, just as Lucid prepares for new vehicle production. Despite delivering more vehicles than expected in the last quarter, the stock fell by 15% in after-hours trading as investors reacted to the news.
Source: YAHOO