LCID Up After Equity Offering

Lucid Group (NASDAQ: LCID) was up in pre-market trading on Tuesday as the EV major completed its stock offering. The company sold around 56.2 million shares for gross proceeds of approximately $600 million with its “at-the-market” equity offering program.

Lucid expects to raise $1.515 billion through its capital raise program and this includes “approximately $915 million that Lucid expects to raise through the private placement of approximately 85.7 million shares to an affiliate of the Public Investment Fund (PIF), Ayar Third Investment Company (Ayar), pending settlement in December 2022.”

This private placement was not a part of LCID’s “at-the-market” equity offering.

Analysts are sidelined about LCID with a Hold consensus rating based on three Buys, two Holds, and three Sells.