Lucid dips after announcing rise in Q1 deliveries, planned $1 bln convertible bond sale

Shares of Lucid Group LCID.O down 1.3% at $2.37 in extended trading after electric vehicle maker posts rise in qtrly deliveries and plans capital raise

Saudi Arabia-backed firm said it delivered 3,109 vehicles in Q1, a 58% increase from 1,967 a yr ago, in stark contrast to Rivian RIVN.O

It produced 2,212 vehicles during qtr ended-Mar, up 28%, and over 600 additional vehicles in transit to Saudi Arabia for final assembly

Also, co announces private offering of $1 bln 5-yr convertible bonds (CBs)

It plans to use net proceeds to repurchase portion of its 1.25% CBs due 2026 and pay for capped calls, derivative transactions employed to mitigate share dilution

Any remaining proceeds will be used for general purposes

LCID shares on Weds closed down 5.1% at $2.40, giving co ~$7.3 bln market cap, per LSEG data

Stock down 20% YTD