Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.

Lucid Group announced it would be selling approximately 637 million shares in a public offering and to its largest shareholder.

Lucid Group announced that it priced its underwritten public offering of 262,446,931 shares of its common stock. The public offering is expected to close on or about October 18, 2024, subject to customary closing conditions.

Shares of Lucid Group Inc. fall 12% in the extended session Wednesday after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecast.

Lucid expects to report a loss from operations in the range of USD 765 million to USD 790 million for the quarter ended Sept. 30, compared with analysts' estimates of USD 751.7 million, according to data compiled by LSEG.

Lucid Motors stock (LCID) is sliding after the electric vehicle maker announced another capital raise via a share sale late Wednesday night, as the California-based automaker seeks further runway ahead of the release of its upcoming electric SUV.