Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.

Lucid stock fell sharply Thursday after the electric-vehicle manufacturer said it planned a substantial public offering and projected wider-than-expected losses for the third quarter.Shares plummeted 18% to $2.

(Reuters) - Cash-strapped electric vehicle maker Lucid said on Thursday a public offering of more than 262 million shares would likely fetch it $1.67 billion in proceeds.

Electric vehicle maker Lucid Group said it anticipates to report a bigger-than-expected loss for the third quarter and announced a public offering of over 262 million shares, sending its shares down 12% in after-market trading on Wednesday.

California-based Lucid Group's shares price dropped by 10% during after-hours trading Wednesday after announcing larger-than-expected operational losses during the third quarter.

Lucid shares dropped after the electric-vehicle maker said it would shore up its finances by issuing new stock and warned of a larger-than-expected loss. The carmaker plans to sell more than 260 million shares in a public offering,

Shares of Lucid Group Inc. fall 12% in the extended session Wednesday after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecast.

Lucid Motors announced another capital raise via a share sale late Wednesday night as the California-based EV maker seeks further runway ahead of the release of its upcoming EV SUV.