• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Stock

EV-maker Lucid expects to raise $1.67 billion from stock sale

by October 17, 2024
written by October 17, 2024

(Reuters) – Cash-strapped electric vehicle maker Lucid (NASDAQ:LCID) said on Thursday a public offering of more than 262 million shares would likely fetch it $1.67 billion in proceeds.

The stock sale news as well as the company’s latest warning of a bigger-than-expected loss for the third quarter sent shares of the luxury electric-sedan maker down more than 17% in premarket trading.

Lucid expects to report a loss from operations in the range of $765 million to $790 million for the quarter ended Sept. 30, compared with analysts’ estimates of $751.7 million, according to data compiled by LSEG.

The company also signed a deal with Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund and the company’s biggest shareholder, to sell nearly 375 million shares in a private placement.

Ayar expects to maintain its ownership of about 59% of the company’s outstanding shares, Lucid said.

The sovereign wealth fund’s affiliate committed an additional $1.5 billion in August, which Lucid had initially expected to provide sufficient liquidity till the fourth quarter of next year.

Lucid had about $1.35 billion in cash and cash equivalents at the end of the second quarter.

The company said it intends to use proceeds from the stock sale and private placement for general corporate purposes, capital expenditure and working capital.

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Schneider Electric shares rise as it acquires Motivair for $850 million in cash
next post
IMF chief expects lukewarm growth in medium term, urges reforms

You may also like

BASF results down on impairments, restructuring

January 27, 2025

European chipmakers slump as traders gauge DeepSeek AI...

January 27, 2025

Nasdaq futures tumble as China’s AI push rattles...

January 27, 2025

China Vanke’s CEO, chairman resign amid growing liquidity...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

Italy’s MPS shares fall ahead of Mediobanca board...

January 27, 2025

British Land stock drops following stake sale

January 27, 2025

UMG shares rally after new multi-year pact with...

January 27, 2025

BASF shares indicated 3% lower as impairments drag...

January 27, 2025

Ryanair cuts 2026 traffic forecast amid ongoing Boeing...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 6, 2025
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

      June 5, 2025
    • This California startup is cleaning water and removing CO₂ from the atmosphere — all at a reduced cost

      June 5, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (504)
    • Stock (6,426)

    Latest News

    • Procter & Gamble to cut 7,000 jobs as part of broader restructuring
    • Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    Popular News

    • AT&T earnings beat by $0.03, revenue fell short of estimates
    • The Onion’s purchase of Alex Jones’ Infowars stopped by US judge

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy