What's Going On With Lucid Stock Today?

Lucid Group Inc LCID shares are trading higher Tuesday. The company late Monday announced that it successfully completed a capital raise.

What Happened: Lucid said it has completed its previously announced at-the-market equity offering program after selling more than 56.2 million shares of its common stock for gross proceeds of approximately $600 million.

Lucid also expects to raise approximately $915 million through a private placement, bringing the total amount of the capital raise to $1.515 billion. The company said it plans to used the proceeds for general corporate purposes. Lucid expects the capital to further strengthen its balance sheet and liquidity position.

In the company's most recent earnings report, the company noted that it ended the third quarter with approximately $3.85 billion in cash, equivalents and investments.

See Also: Cathie Wood Resumes Tesla Buying Amid Stock's 16% Weekly Declines: Here's How Much Ark Invest Added In The Past Week

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $7.05.

The stock was up 4.7% at $7.57 at time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.