08:39 AM EDT, 10/17/2024 (MT Newswires) -- Lucid Group ( LCID ) said Thursday it priced its underwritten public offering of 262.4 million shares and entered into an agreement with majority stockholder and Public Investment Fund affiliate Ayar Third Investment for a private placement of 374.7 million shares at the same price as the public offering.

The company said it expects gross proceeds of about $1.67 billion from the public offering and private placement, with the net proceeds to be used for general corporate purposes.

Lucid said it has granted the underwriter for the public offering a 30-day option to purchase up to 39.4 million additional shares of its common stock. The public offering is expected to close Friday.

The private placement, expected to close on Oct. 31 subject to the completion of the public offering, will allow Ayar Third Investment to maintain its about 58.8% ownership in Lucid, the company added.

Lucid shares fell more than 18% in recent premarket activity Thursday.

Price: 2.6800, Change: -0.60, Percent Change: -18.29