Lucid Group Inc. announced a public offering of 262.4 million shares of its common stock at $2.66 per share, aiming to raise approximately $1.67 billion. In conjunction with the offering, an affiliate of the Public Investment Fund (PIF) of Saudi Arabia intends to purchase an additional 374.7 million shares at the same price in a private placement, maintaining its 58.8% ownership stake. This stock offering will dilute existing shareholders by approximately 24%, increasing the total number of outstanding shares to nearly 3 billion. Following the announcement, Lucid's stock price dropped by over 15% in after-hours trading. The company also provided preliminary third-quarter financial results, projecting an operating loss between $765 million and $790 million, worse than analysts' estimates.