Lucid shares plunge 19% as electric car maker plans major share sale
Lucid shares fell sharply on Thursday after the electric vehicle maker said it plans a major public offering and forecast a bigger-than-expected loss in the third quarter.
Shares fell 15% to $2.80 in early trading Thursday. The S&P 500 and Dow Jones Industrial Average rose 0.4% and 0.3%, respectively.
The public offering will include 262 million shares, the company said late Wednesday. Proceeds will be used for capital expenditures, working capital and other things, Lucid said.
Saudi Arabia's Public Investment Fund, the majority shareholder, said it would buy 375 million shares in a...