Lucid Group Inc ( LCID ) shares are trading lower Thursday after the company priced a convertible senior notes offering. Lucid also provided a production and deliveries update for the first quarter. Here’s what you need to know.

What To Know: Lucid announced that it produced 2,212 vehicles and delivered 3,109 in the first quarter. The company noted that it has an additional 600 vehicles in transit to Saudi Arabia for final assembly.

The weakness in shares comes after the company announced plans to offer $1 billion of convertible senior notes due 2030 in a private offering to institutional investors. Lucid also granted the initial purchasers of the notes a 13-day period to buy up to an additional $100 million of the notes.

The sale of the convertible senior notes is expected to settle on or about April 8. Lucid anticipates net proceeds of approximately $983.6 million. The company expects to use the proceeds to fund repurchases of its outstanding 1.25% convertible senior notes due 2026.

Lucid also scheduled its first-quarter financial results for after the market close on May 6. Analysts currently expect the company to report a loss of 26 cents per share and revenue of $238.36 million, according to estimates from Benzinga Pro.

It’s worth noting that broader markets are facing heavy selling pressure on Thursday after the Trump administration announced reciprocal tariffs on several countries around the world. The announcement came just after the market close on Wednesday, sparking a major selloff after hours. The weakness has continued into Thursday morning.

See Also: Global Markets Rattle With Trump’s Tariff, Dollar Weakens, Oil Tanks – Global Markets Today While US Slept

LCID Price Action: Lucid shares were down 9.37% at $2.18 at the time of publication Thursday, according to Benzinga Pro.