(Reuters) -Electric vehicle maker Lucid Group ( LCID ) 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.

Additionally, majority stockholder, Saudi Arabia's Public Investment Fund, said it would purchase 374.7 million shares of the company. The fund expects to maintain an ownership of nearly 59% in company.

Lucid expects to report a loss from operations in the range of $765 million to $790 million for the quarter ended Sept. 30.

That compared with analysts' average estimate of $751.65 million loss, according to data compiled by LSEG.