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Why Lucid Stock Crashed Today

TheMotleyFool

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Shares of Lucid Group (NASDAQ: LCID) plunged 18% on Friday after the electric-vehicle (EV) upstart announced a sizable debt sale.

Lucid intends to offer $1.75 billion in convertible senior notes to institutional investors in a private sale. These investors will also have the opportunity to purchase an additional $262.5 million in notes within 13 days from the day the debt is first issued.

Debtholders will have the option to convert their notes into Lucid's stock at a rate that will be determined during the offering. The interest rate paid by the notes will also be specified at that time.

Source Fool.com

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