Lucid Motors (LCID) shares are down about 10% as we speak. The inventory is underneath stress as a result of a lockup interval has expired for a number of the electrical car firm’s massive traders.
PIPE shareholders, which stands for personal funding in public fairness, are allowed to promote for the primary time since Lucid went public by way of a SPAC in July. Shares fell as a lot as 19% on Wednesday morning, their lowest worth since itemizing on the Nasdaq.
Lucid is backed by Saudi Arabia’s sovereign wealth fund, BlackRock funds, Constancy Administration & Analysis, and Franklin Templeton.