Oct 17 Reuters Cashstrapped 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 company39;s latest warning of a biggerthanexpected loss for the third quarter sent shares of the luxury electricsedan maker down more than 17 in premarket trading.

Lucid expects to report a loss from operations in the range of 765 million to 790 million for the quarter ended Sept. 30, compared with analysts39; estimates of 751.7 million, according to data compiled by LSEG.

The company also signed a deal with Ayar Third Investment, an affiliate of Saudi Arabia39;s Public Investment Fund and the company39;s biggest shareholder, to sell nearly 375 million shares in a private placement.

Ayar expects to maintain its ownership of about 59 of the company39;s outstanding shares, Lucid said.

The sovereign wealth fund39;s affiliate committed an additional 1.5 billion in August, which Lucid had initially expected to provide sufficient liquidity till the fourth quarter of next year.

Lucid had about 1.35 billion in cash and cash equivalents at the end of the second quarter.

The company said it intends to use proceeds from the stock sale and private placement for general corporate purposes, capital expenditure and working capital.

Lucid had about 1.35 billion in cash and cash equivalents at the end of the second quarter.

The company said it intends to use proceeds from the…