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.