• Lucid Group Inc.'s shares fell sharply after the electric vehicle maker announced plans to sell 262.4 million shares of common stock in a public offering, valued at about $860 million at the current closing price. The company also gave BofA Securities a 30-day option to purchase an additional 39.4 million shares. This move follows a $1.5 billion cash infusion from Saudi Arabia’s Public Investment Fund (PIF) two months ago.

•  In a related deal, Ayar Third Investment Company, a PIF affiliate and Lucid's largest shareholder, will purchase 374.7 million shares in a private placement to maintain its 58.8% stake in the company. Lucid’s stock dropped as much as 15% in post-market trading following the announcement, adding to a 22% decline this year. The proceeds from the stock sale will be used for general corporate purposes, including capital expenditures and working capital, as the company gears up to start production of its new SUV, Gravity, later this year.