Lucid Group Inc (NASDAQ: LCID) saw its shares plummet 5% in after-hours trading on Wednesday, following a series of announcements that have raised concerns among investors. The electric vehicle maker revealed plans for a substantial capital raise and provided its first-quarter revenue estimates, both of which appear to have dampened market enthusiasm.
The company announced its intention to offer $1 billion in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $100 million. Lucid plans to use the proceeds to repurchase a portion of its outstanding 1.25% convertible senior notes due 2026 and to fund capped call transactions. While this move could potentially strengthen Lucid's financial position, it has raised concerns about potential share dilution among investors.
Adding to the pressure, Lucid estimated its revenue for the quarter ended March 31, 2025, to be between $232 million and $236 million. Despite reporting an increase in vehicle deliveries to 3,109 in Q1, up 58% from the previous year, and producing 2,212 vehicles during the quarter, the revenue forecast appears to have fallen short of market expectations. The combination of increased deliveries but potentially lower-than-anticipated revenue could be contributing to the stock's after-hours decline as investors reassess the company's near-term growth prospects and profitability.
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