The upstart EV maker just scored another $1.5 billion investment, but it still makes just 9,000 vehicles a year.
A stock sale to raise cash is sending share prices lower.
Lucid set a new record for deliveries while Rivian hit a speed bump -- but there's more to the story.
One group of stocks is being left out of the latest Wall Street rally.
A large secondary stock offering and a weak preliminary earnings report disappointed investors.
Shares of Lucid Group (LCID) plunged Thursday as the struggling luxury electric vehicle (EV) maker announced that it plans to sell about 637 million shares on the market and to investors for a total of $1.67 billion. It also predicted a bigger quarterly loss than expected.
If you've been wondering when Lucid Motor's NASDAQ: LCID downtrend will resume and how deep the stock price can go, the answers are soon and much deeper. The latest news is more of the same as what was issued earlier in the year, resulting in increased dilution and reduced investor confidence.
Lucid Group Inc (NASDAQ:LCID) shares plunged before Thursday's opening bell after the electric vehicle maker revealed plans to sell about 262.5 million shares of its common stock in a public offering. BofA Securities is acting as the sole underwriter for the public offering, which is expected to close on or about October 18, 2024.
Cash-strapped electric vehicle maker Lucid said on Thursday a public offering of more than 262 million shares would likely fetch it $1.67 billion in proceeds.
24/7 Wall St. Insights Lucid Group Inc. (NASDAQ: LCID) stock plunged on news that it would sell stock to raise cash.
Lucid Motors (NASDAQ: LCID) hasn't exactly been a stock market performer in 2024, and its situation worsened after the closing bell on October 16, 2024.
The company said it plans a substantial public offering and projected a larger-than-expected loss for the third quarter.