Lucid files a new offering to raise $8 billion as the company ramps up production — and it's not the only EV maker moving to raise additional funds. lebeaucarnews joins SquawkStreet with the details.
Nikola had $529 million in cash remaining as of the end of June, and an additional $312 million available via an existing equity line from Tumim Stone Capital.
Separately, Lucid Group late on Monday filed a "shelf registration" to issue up to $8 billion in new stock over the next three years. A shelf registration gives the company the right to issue the stock as needed. Lucid said in a statement that its shelf registration is intended to "provide greater flexibility" to raise additional money in the future, and that it has no immediate plans to sell any new stock., enough to fund its operations and capital expenses into next year, it said earlier this month.
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