Lucid Slumps on Plan to Sell 262.4 Million Shares

Lucid Group Inc. shares slid after the electric-vehicle maker said it plans to sell 262.4 million shares of common stock in a public offering that would be worth about $860 million at today’s closing price.

The company also gave its underwriter, BofA Securities, a 30-day option to purchase as many as 39.4 million additional shares, Lucid said Wednesday in a statement. The sale comes two months after Lucid got a cash infusion of as much as $1.5 billion from an affiliate of Saudi Arabia’s Public Investment Fund.

In a separate deal, Ayar Third Investment Company, the PIF affiliate and ...