Lucid Group shares are trading lower after the company announced a public offering of 173,544,948 shares of its common stock and the corresponding investment by an affiliate of PIF for aggregate proceeds of ~$3.0 billion.
Portfolio Pulse from Benzinga Newsdesk
Lucid Group announced a public offering of 173,544,948 shares of its common stock, with an affiliate of PIF investing for aggregate proceeds of ~$3.0 billion. This news has led to a decline in LCID's share price.
June 01, 2023 | 12:38 pm
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Lucid Group's share price is trading lower following the announcement of a public offering of 173,544,948 shares and a corresponding investment by a PIF affiliate for ~$3.0 billion.
The announcement of the public offering and the investment by a PIF affiliate has led to an increase in the supply of Lucid Group's shares in the market. This increase in supply has put downward pressure on the share price, causing it to trade lower in the short term.
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