Breaking news!
Lucid, backed by Saudi investors, plans to issue 262.4 million common shares to raise up to $860 million. A subsidiary of major shareholder Saudi Arabia's Public Investment Fund will also increase its stake.
Q3 losses may exceed expectations. Despite increased deliveries, production has declined, making it difficult to achieve full-year production targets. Lucid stated the raised funds will be used for general corporate purposes.
After Wednesday's announcement, the stock price fell 12% in after-hours trading, bringing the year-to-date decline to 22%.
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