** Shares of Lucid Group LCID.O down 1.3% at $2.37 in extended trading after electric vehicle maker posts rise in qtrly deliveries and plans capital raise
** Saudi Arabia-backed firm said it delivered 3,109 vehicles in Q1, a 58% increase from 1,967 a yr ago, in stark contrast to Rivian RIVN.O
** It produced 2,212 vehicles during qtr ended-Mar, up 28%, and over 600 additional vehicles in transit to Saudi Arabia for final assembly
** Also, co announces private offering of $1 bln 5-yr convertible bonds (CBs)
** It plans to use net proceeds to repurchase portion of its 1.25% CBs due 2026 and pay for capped calls, derivative transactions employed to mitigate share dilution
** Any remaining proceeds will be used for general purposes
** LCID shares on Weds closed down 5.1% at $2.40, giving co ~$7.3 bln market cap, per LSEG data
** Stock down 20% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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