Lucid shares dropped 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 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’s stock took a deep dive in early Thursday trading, after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecasts.