Lucid intends to use the proceeds “for general corporate purposes, which may include, among other things, capital expenditures and working capital.”
Shares of Lucid Group dropped during after-hours trading after the electric vehicle startup announced a public offering of nearly 262.5 million shares of its common stock.
BofA Securities is acting as the sole underwriter for the public offering. The EV maker intends to grant the firm a 30-day option to purchase up to nearly 39.37 million additional shares of Lucid's common stock as well. RTX subsidiary Raytheon to pay more than $950 million to settle foreign bribery, export control fraud probesLucid ended the second quarter with cash and cash equivalents of $1.35 billion, compared with $1.37 billion at the end of 2023.
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