Lucid LCID reveals $3 billion raise from Saudi fund, others

Lucid LCID announces $3 billion raise from Saudi fund, others

Revealed: The Secrets our Clients Used to Earn $3 Billion

In a bird’s-eye view, an indication is published on the outside of Lucid head office on March 29, 2023 in Newark,California Electric car maker Lucid revealed strategies to lay off 1,300 employees, 18 percent of its labor force, as part of a restructuring strategy.

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Lucid Group stated on Wednesday that it is raising about $3 billion through a brand-new equity offering, with the bulk originating from the Saudi fund that manages the high-end electric-vehicle maker.

Shares of the business fell more than 6% after hours.

Lucid stated that about $1.8 billion of the overall will originate from a personal positioning of stock with Saudi Arabia’s Public Investment Fund (PIF). The rest will be raised through a public offering of brand-new shares that began Wednesday, the business stated.

The PIF owns about 60.5% ofLucid The brand-new financing round is structured to keep its stake at the very same level.

Lucid stated it will utilize the brand-new money for “general corporate purposes,” consisting of capital investment and working capital.

Lucid had about $3.4 billion in money and about $700 million in readily available line of credit since March 31, according to its newest report.