Lucid Group announced expectations for a wider-than-estimated third-quarter loss, citing high operational costs and a sluggish demand environment for electric vehicles. This preliminary financial outlook indicates continued challenges in achieving profitability.
Concurrently, Lucid revealed plans for a public offering of approximately 262.5 million shares of its common stock. This offering is intended to raise additional capital for general corporate purposes, including capital expenditures and working capital.
The company's majority stockholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund, also intends to purchase over 374.7 million shares in a private placement. This transaction aims to allow Ayar to maintain its approximate 58.8% ownership stake in Lucid.
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