The electric vehicle stock said it successfully raise $1.515 billion in capital
Lucid Group Inc (NASDAQ:LCID) announced last night that it raised $1.515 billion in capital last night, after it sold over 56.2 million shares of common stock for gross proceeds of roughly $600 million. Further, Lucid projected that it will raise $915 million through a private placement of about 85.7 million shares to Ayar Third Investment Company — a Public Investment Fund.
The stock is trending on Stocktwits this morning as a result, and at last check, the equity was up 1.2% to trade at $7.32. It’s been a bumpy few months for the electric vehicle (EV) company, which just hit a series of record lows, culminating in yesterday’s bottom at $7.05. Pressure has formed at the 10-day moving average, putting LCID at an 80.5% year-to-date deficit.
A short-term bounce could already be in the cards for Lucid stock, which sports a 14-day Relative Strength Index (RSI) of just 18. This puts the EV stock deep into “oversold” territory. An unwinding of short interest could also put some wind at LCID’s back. Short interest rose 11% in the last two reporting periods, and now makes up 9.2% of the stock’s available float.