(CNBC) Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock’s worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC. Rawlinson said the raise, which included a public offering of nearly 262.5 million shares of its common stock, was a timely, strategic business decision to ensure the electric vehicle company has enough capital for its ongoing operations and growth plans.
Lucid CEO says Wall Street misinterpreted $1.75 billion capital raise
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