Monday, September 26

EV maker Lucid files for mixed shelf offering of up to $8 bln

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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.

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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. (Reporting by Eva Mathews in Bengaluru; Editing by Shounak Dasgupta)