The Strategist

Electric car maker Lucid files for offering

08/31/2022 - 09:55

On Monday, Lucid Group Inc. filed for a simplified registration staged offering of up to $8 billion in securities (MSO).

Phillip Pessar
Phillip Pessar
This is how the manufacturer of electric vehicles hopes to increase active capital at a time when supply issues are affecting production.

The business, which has a market capitalization of approximately $27 billion, earlier this month cut in half its prediction for the manufacture of electric vehicles, citing issues with its supply chain and logistics.

Because of the streamlined registration process, Lucid will be able to sell securities in one or more tranches, with the amount, cost, and other details of the deal being decided at the time of sale.

After the regular session ended, shares of Lucid fell by around 1.2% to $15.85.