Reuters reports “Lucid Group Inc on Monday filed for a new offering of up to $8 billion as the luxury electric-vehicle maker looks to beef up working capital at a time when supply snarls have crimped its production.” The investor site was down earlier in the down, I assume to prepare to post the new filing, which can be found on the Lucid IR site and over here.
The registration statement would allow Lucid to raise up to an aggregate of $8 billion in primary capital in one or more offerings over the three years after the registration statement is declared effective by the SEC. These capital raises could include common stock, preferred stock (including in the form of depositary shares), warrants, debt securities (including convertible debt), purchase contracts, and/or units (which are typically a combination of two or more types of securities). If Lucid decides to raise capital in a future offering using the shelf registration statement, Lucid will describe the specific details of that future offering in a prospectus supplement that is filed with the SEC. However, Lucid is not selling any securities from the shelf registration statement at this time. Lucid believes that a shelf registration on Form S-3 will provide greater flexibility to raise capital in the future, via Yahoo Finance.
Lucid’s stock (LCID) fell 2.9% in after-hours trading, from $16.17 to $15.70 after the filing was announced. The 52-week low for LCID is $13.25 and the 52-week high for LCID is $57.75, and the stock price has been under the $30 price since February 2022.
Here is some clarification on what this means from the LCID stock community on Twitter:
You can read the filing over here.