Lucid Motors (LCID) shares closed more than 10% lower on Wednesday at $17.79 a piece. The stock was under pressure because a lockup period expired for some of the electric vehicle company’s big investors.
PIPE shareholders, which stands for private investment in public equity, are allowed to sell for the first time since Lucid went public via a SPAC in July. Shares fell as much as 19% during Wednesday’s session, their lowest price since listing on the Nasdaq.
Lucid is backed by Saudi…
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