Shares of electric vehicle maker Lucid Group (NASDAQ: LCID) are down an astounding 80% this year, but investors are getting a bit of a pop in the stock Tuesday morning. Lucid shares were trading up by 7.4% as of 10:30 a.m. ET, after the company announced another boost to its balance sheet.
The maker of luxury electric sedans told investors back in August it had plans to raise up to an additional $8 billion in capital over the next three years. Lucid took one step toward that total after just announcing it raised almost $1.52 billion through a combination of a public stock offering and private placement funding. Sometimes investors balk when companies dilute existing shareholders by issuing additional stock, but the reaction was positive today for a couple reasons.
Source Fool.com