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 15% to $2.

(Reuters) -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.

Lucid Motors stock (LCID) is sliding after the electric vehicle maker announced another capital raise via a share sale late Wednesday night, as the California-based automaker seeks further runway ahead of the release of its upcoming electric SUV.

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

Lucid shares sank 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,

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. The stock sale news as well as the company's latest warning of a bigger-than-expected loss for the third quarter sent shares of the luxury electric-sedan maker down more than 17% in premarket trading.

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.