Lucid down after $1 bln convertible bond sale priced

Shares of EV maker Lucid LCID.O down 4.1% at $2.30 before the bell after co secures capital raise

Co early Thurs announced pricing private offering of $1 bln 5% convertible bonds (CBs) due 2030

Initial conversion price of $3 represents 25% premium to stock's last close of $2.40

Along with cash on hand, it intends to use ~$935.6 mln of net proceeds to fund repurchases of ~$1.1 bln of its outstanding 1.25% CBs due 2026

Co also to use ~$107.5 mln to pay for capped calls, derivative transactions employed to mitigate share dilution. As a result, cap price of these transactions is $4.80, double the stock's last sale

After the bell Weds, 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

Though Lucid's current qtr projected rev of $232-$236 mln missed Wall Street's expectations, while co estimated it had total liquidity of ~$5.7 bln, including ~$4.5 bln of cash and equivalents at end-Mar

Through Weds, LCID shares down 20.5% YTD, giving co ~$7.3 bln market cap, per LSEG data

EV stocks under pressure premarket after U.S. President Donald Trump's latest tariffs salvo, as 25% auto tariffs take effect on Thurs, and 25% duties on auto parts would kick in on May 3