Lucid Group Inc.’s stock LCID slid 10% premarket Thursday, after the maker of luxury electric vehicles announced plans for an underwritten public offering of stock and a separate private placement to raise about $3.0 billion in gross proceeds. In a filing with the securities and exchange commission, Lucid said hat it plans to issue 173.5 million shares with BofA Securities acting as sole underwriter. Separately, the company’s majority shareholder the Ayar Third Investment Company, a unit of the Public Investment Fund, is planning to purchase 265.7 million shares in a private placement. That deal is expected to close on June 26 and will allow Ayar to maintain its roughly 60.5% ownership of the company. Lucid is planning to use the proceeds from both deals for general corporate purposes, which may include capex and working capital. The stock has gained 13.6% in the year to date, while the S&P 500 SPXhas gained 9%.
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