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.

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.