EV maker Lucid files for mixed shelf offering of up to $8 billion
2022.08.30 01:21
FILE PHOTO: A logo on a Lucid Air Dream Edition vehicle is seen outside the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading today on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New
(Reuters) – Lucid Group Inc on Monday filed for a mixed shelf offering of up to $8 billion as the electric-vehicle maker looks to beef up working capital at a time when supply snarls have crimped its production.
The company, which has a market capitalization of about $27 billion, halved its production forecast for electric vehicles earlier this month, blaming supply chain and logistics challenges.
Under a shelf registration, a company may sell securities in one or more separate offerings with the size, price and terms to be determined at the time of sale.
Lucid’s shares were down about 1.2% at $15.85 in extended trading.
California-based Lucid, which went public via a shell company in 2021, had secured the $4.4 billion it needed until the end of 2022 but would not wait until then to raise more cash, Chief Executive Peter Rawlinson told Reuters last year.
