Lucid Announces A Public Offering Of 262.4 Million Shares Of Common Stock; Saudi PIF Will Invest An Additional 375 Million Shares To Maintain Its 58.8% Ownership In Lucid -- October 16, 2024

Locator: 48600LUCID.

Link here.

Immediately after the announcement, after-hours, the stock dropped almost 14%. 

The 375 million shares represents about eleven percent of the current number of shares outstanding. It is common for companies to issue 10% new shares in similar situations.

#1 reason for de-listing on the NASDAQ: when the share price drops below $1 / share for 30 consecutive trading days.

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