Lucid Group Inc (LCID)

[powerwalker]

Here is the driving force in yesterday's 8 point drop (IMO). From the convertible note description:

The initial conversion rate is 18.2548 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $54.78 per share of common stock. The initial conversion price represents a premium of approximately 50.00% over the last reported sale price on The Nasdaq Global Select Market of $36.52 per share of Lucid's common stock on December 9, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The price should have been $67.08 (or $12.30 higher), using the 12/8 SP of $44.72, before the deal was announced. Disgusting!