Shares of Lucid Group Inc. fell 1.2% toward a 2 1/2-month low in premarket trading Tuesday, after the California-based electric vehicle maker filed a shelf offering for $8.0 billion worth of securities. The offering filed late Monday, which represents about 30% of Lucid's market capitalization of $27.05 billion as of Monday's closing stock price, includes the sale of common and preferred stocks, depositary shares representing preferred stock, debt securities, warrants and purchase contracts. In addition, the company said the offering relates to the issuance of up to 44.35 million shares of common stock, valued at $717.1 million as Monday's closing price of $16.17. Lucid's stock has dropped 18.5% over the past three months through Monday, while the S&P 500 has lost 3.1%.
(END) Dow Jones Newswires
August 30, 2022 07:46 ET (11:46 GMT)
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