Shares of Lucid Group dropped 20% in premarket trading following an announcement of a public offering of over 260 million shares. The electric vehicle startup’s move comes alongside a deal with its largest shareholder,

Piper Sandler and Oppenheimer & Co. are acting as the joint book-running managers for the public offering. The Company intends to use the net proceeds from this offering on the continued development of its product candidates, manufacturing of its product candidates, working capital and general corporate purposes.

Lucid Group, Inc. (Nasdaq: LCID; "Lucid") announced today the commencement of a public offering of 262,446,931 shares of its common stock. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions to purchasers directly,

Lucid intends to use the proceeds "for general corporate purposes, which may include, among other things, capital expenditures and working capital."

The gross proceeds from the offering are expected to be approximately $75 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Capricor and assuming no exercise of the underwriters' option.

Shares of Capricor Therapeutics fell more than 10% in premarket trading Thursday after the biotechnology company said it is raising about $75 million in a public stock offering. The San Diego company said it is selling more than 4.