Lucid stock fell sharply Thursday after the electric-vehicle manufacturer said it planned a substantial public offering and projected wider-than-expected losses for the third quarter.Shares plummeted 15% to $2.

Lucid Motors stock (LCID) is sliding after the electric vehicle maker announced another capital raise via a share sale late Wednesday night, as the California-based automaker seeks further runway ahead of the release of its upcoming electric SUV.

Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.

(Reuters) -Electric vehicle maker Lucid Group said it anticipates to report a bigger-than-expected loss for the third quarter and announced a public offering of over 262 million shares, sending its shares down 12% in after-market trading on Wednesday.

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

(Reuters) -Electric vehicle maker Lucid Group said it expects to report a bigger-than-expected loss for the third-quarter and announced a public offering of over 262 million shares, sending its shares down 12% in after-market trading on Wednesday.

Key Takeaways Lucid Group announced it would be selling approximately 637 million shares in a public offering and to its largest shareholder.The struggling electric vehicle maker said the money raised would be used for general corporate purposes,

The company said it plans a substantial public offering and projected a larger-than-expected loss for the third quarter.