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Lucid Surges With Cash Backing

Lucid Surges With Cash Backing

Photo by Daniel Salcius / Unsplash

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Lucid Surges With Cash Backing

Electric vehicle maker Lucid Group (Nasdaq: LCID) jumped 6.09% in after-hours trading on Monday after completing a $1.515 billion capital raise.

Details: The investment includes $915 million through the sale of 85.7 million shares to Saudi Arabia’s Public Investment Fund and the Ayar Third Investment Company, which has agreed not to sell the shares for the next six months. Lucid Group also sold $600 million through a secondary stock offering of 56.2 million shares.

Background: Lucid Group previously announced the offering a few weeks ago. The capital will be used for general corporate purposes as well as strengthening its balance sheet and liquidity position.

Stock Price: Shares of Lucid Group are down 82% this year, including a 30% drop in the last 30 days.

Final Thoughts: Lucid Group is one of many electric vehicle stocks that have suffered in 2022. The company has recently expanded in Europe, which is good, but there are still so many headwinds in the market.

Notables

Notable Earnings Today: Nike (NYSE: NKE), General Mills (NYSE: GIS), FuelCell Energy (Nasdaq: FCEL), FedEx (NYSE: FDX), FactSet (NYSE: FDS), BlackBerry (NYSE: BB), Embecta (Nasdaq: EMBC), AAR (NYSE: AIR), Cognyte Software (Nasdaq: CGNT), CalAmp (Nasdaq: CAMP), Calavo Growers (Nasdaq: CVGW), Enerpac Tool Group (NYSE: EPAC), BridgelineDigital (Nasdaq: BLIN), Worthington Industries (NYSE: WOR), EMCORE (Nasdaq: EMKR).

Notable IPOs Today: AlphaVest Acquisition Corp. (Nasdaq: ATMVU), Lipella Pharmaceuticals Inc. Common Stock (Nasdaq: LIPO).

Notable Equity Crowdfunding Campaigns Ending Today: Add Your Labs (StartEngine), Taylor’s Tacos (Honeycomb), Island Brands (StartEngine), BALVANERA (Honeycomb).

Notable Economic Events Today: Building Permits (8:30 a.m. ET), Housing Starts (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Dogecoin Drops Due to Musk Poll

Photo by GuerrillaBuzz Blockchain PR Agency / Unsplash

The value of the cryptocurrency Dogecoin fell over 4% on Monday thanks in part to an Elon Musk tweet.

Details: Musk posted a Twitter poll on Sunday asking if he should step down as head of Twitter. The poll closed with 57.5% of users voting “Yes.”

Background: Musk has long been an advocate of Dogecoin, and he even coined himself to be the ‘Dogefather’ in 2021. His support of Dogecoin is seen as a reason why the coin soared in value last year.

Numbers: Dogecoin has lost over half of its value since the beginning of 2022.

Final Thoughts: Other cryptos also declined on Monday due to challenges in the market. Still, it’s hard to separate Dogecoin from Musk at this point.

Entrada Therapeutics Faces Critical Hold

Entrada Therapeutics (Nasdaq: TRDA) saw its shares plummet 32.13% in after-hours trading on Monday after the FDA issued a clinical hold notice for its treatment of Duchenne muscular dystrophy.

Quote: “We will work to address the FDA’s concerns. We are eager to resolve this hold and continue down the treatment development pathway.” - Dipal Doshi, President and CEO of Entrada Therapeutics.

Stock Price: Shares of Entrada Therapeutics are up 17% this year, including a 38% jump in the last 30 days.

Final Thoughts: This news was a real letdown for the company, which had seen strong momentum in recent weeks due to its treatment.