Lucid collapses following stock sale and forecast of bigger-than-expected third-quarter loss – 10/17/2024 at 4:29 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Updates)

October 17 – ** Shares of EV maker Lucid

LCID.O fell about 14% to $2.83

**Company Announces Public Offering and Private Placement for Total Proceeds of Approximately $1.67 Billion

** Along with the public offering of more than 262 million shares, the company’s majority shareholder and affiliate of the Public Investment Fund of Saudi Arabia, Ayar Third Investment, agreed to purchase more than 374 million shares in a private placement

** The stock fell 16% to $2.74 on Thursday, its lowest level since July 2

** The company said Wednesday it expects an operating loss between $765 million and $790 million in the third quarter, compared with an estimated loss of $751.7 million – LSEG

**Including session moves, LCID shares are down about 33% year to date