Lucid Group stock surges after completing stock sale
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Lucid Group, Inc. (NASDAQ:LCID) announced the completion of an "at-the-market" equity offering program on Monday after the market close.
The EV manufacturer said the sale of 56.2 million shares garnered gross proceeds of approximately $600M. The capital raise adds to $915M that the automaker intends to raise via a private placement of approximately 85.7M shares to an affiliate of the Public Investment Fund, Ayar Third Investment Company.
Lucid shares rose over 7% at post-market highs before moderating gains to 3.73% as of 6PM ET.
Read more on why Bank of America sees the stock as a standout in the crowded EV space.