(MENAFN- Investor Ideas) Investorideas , a go-to platform for big investing ideas, including EV Stocks reports on trading and news for Lucid Group, Inc. (Nasdaq: LCID ), a Silicon Valley-based technology company focused on creating the most advanced EVs in the world.
The stock is trading down on dilution news, making the nasdaq top volume leaders list. Lucid is trading at $2.7500, down 0.5300, losing -16.1585% on volume of over 144 Million shares as of this report.
Lucid announced today that it priced its underwritten public offering of 262,446,931 shares of its common stock. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions to purchasers directly, through agents or through brokers in brokerage transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or in a combination of such methods, or otherwise at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The public offering is expected to close on or about October 18, 2024, subject to customary closing conditions.
Lucid has granted the underwriter a 30-day option to purchase up to 39,367,040 additional shares of its common stock.
Lucid intends to use the net proceeds from the public offering, as well as from the private placement by its majority stockholder, for general corporate purposes, which may include, among other things, capital expenditures and working capital.
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