Benchmark lowered the firm’s price target on Lucid Group (LCID) to $30 from $70 and keeps a Buy rating on the shares after Lucid priced $875M of senior unsecured convertible notes due November 2031 plus a $100M greenshoe, at a 7.00% coupon and a ~22.5% conversion premium to the $16.99 last sale, noting that the firm’s target is adjusted for the company’s reverse split. At full conversion, the new notes would add about 42M shares on the base size, or about 47M including the shoe, the analyst estimates.
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