05:22 PM EDT, 10/16/2024 (MT Newswires) -- Lucid Group ( LCID ) said Wednesday it started a public offering of about 262.4 million shares.

Underwriters in the offering will likely have a 30-day option to buy roughly 39.3 million additional shares, according to the company.

Lucid said that Ayar Third Investment, its majority shareholder and the Public Investment Fund's affiliate, plans to buy 374.7 million shares in a concurrent private placement to maintain its stake in the company.

The private placement is conditional on completing the public offering, according to the company.

Net proceeds from the offering will be used for general corporate purposes, Lucid added.

Shares of the company fell 11% in after-hours activity.

Price: 2.9200, Change: -0.36, Percent Change: -10.98