Shares of Lucid Group dropped 20% in premarket trading following an announcement of a public offering of over 260 million shares. The electric vehicle startup’s move comes alongside a deal with its largest shareholder, Ayar Third Investment Co, to purchase over 370 million shares in a private placement. The public offering will raise additional capital, while Ayar is expected to maintain its nearly 58% ownership. Lucid’s stock has fallen 22% this year.
Category
🗞
NewsTranscript
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shares of Lucid Group dropped 20% in pre-market trading following an
00:06announcement of a public offering of over 260 million shares.
00:10The electric vehicle startup's move comes alongside a deal with its largest shareholder,
00:14IR3rd Investment Co., to purchase over 370 million shares in a private placement.
00:20The public offering will raise additional capital,
00:22while IR is expected to maintain its nearly 58% ownership.
00:26Lucid's stock has fallen 22% this year.
00:29For all things money, visit Benzinga.com slash GSTV.