Failing to recover from a 2.3% dip in May, shares of Lucid (NASDAQ: LCID) extended their decline last month and fell 11.2%, according to data provided by S&P Global Market Intelligence.

Besides the company's announcement that it plans to raise capital, an analyst's commentary on the electric vehicle (EV) market also motivated investors to click the sell button on Lucid's stock last month.

The month began on an inauspicious note when Lucid announced a plan to raise $3 billion from two separate offerings to improve its liquidity. The first transaction would see the company raise about $1.2 billion through a public offering of 173,544,948 shares of its common stock. Additionally, the company announced a plan to raise about $1.8 billion in a private placement of 265,693,703 shares of common stock with Saudi Arabia's Public Investment Fund. 

Continue reading

Source Fool.com