Lucid Group Inc ( LCID ) shares are trading lower in Wednesday’s after-hours session after the company announced an offering and corresponding investment from an affiliate of the Public Investment Fund (PIF).

What Happened: Lucid said it commenced a public offering of 262,446,931 shares of its common stock. The company intends to grant the underwriter a 30-day option to purchase up to 39,367,040 additional shares.

In connection with the offering, Lucid announced that majority shareholder and PIF affiliate Ayar Third Investment Company has agreed to purchase 374,717,927 shares of common stock from Lucid in a private placement. Ayar expects to maintain approximately 58.8% ownership of Lucid following the purchases.

Lucid said it will use the net proceeds from the public offering and concurrent private placement for general corporate purposes, which may include capital expenditures and working capital.

Lucid ended the second quarter with $4.28 billion in total liquidity, including $1.35 billion in cash and cash equivalents.

The EV maker announced the date for its third-quarter earnings release this week: Lucid will report quarterly results after the market close on Nov. 7. Analysts anticipate a loss of 30 cents per share and revenue of $194.981 million, according to Benzinga Pro.

LCID Price Action: Lucid shares were down 10.98% in after-hours, trading at $2.92 at the time of publication Wednesday, according to Benzinga Pro.

Read Next:

Elon Musk’s Tesla Waving Goodbye To Bitcoin? $760M Sent To Unknown Wallets