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.

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 Group announced it would be selling approximately 637 million shares in a public offering and to its largest shareholder.

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.

(Reuters) -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. The stock sale as well as its latest warning of a bigger-than-expected loss for the third quarter sent Lucid shares down as much as 16.

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,

The company plans a substantial public stocks offering and projects a wider-than-expected loss for the third quarter.

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.