Lucid raises $1.5 billion from Saudi public wealth fund, others

Lucid raises $1.5 billion from Saudi public wealth fund, others

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Lucid Motors CEO Peter Rawlinson claps after sounding the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) starts trading on the Nasdaq stock market after finishing its service mix with Churchill Capital Corp IV in New York City, July 26, 2021.

Andrew Kelly|Reuters

Electric automobile maker Lucid Group stated Monday that it has actually finished a prepared $1.5 billion equity offering. The business initially revealed the offering in November, when it reported its third-quarter outcomes.

Lucid raised most of that money, about $915 million, through a personal sale of almost 86 million shares to an affiliate of its biggest financier, Saudi Arabia’s Public InvestmentFund The staying $600 million was raised through a standard secondary stock offering, in which Lucid offered an extra 56 million shares.

The financing round was structured to keep the Saudi public wealth fund’s stake in Lucid at its previous level, about 62%.

Lucid prepares to utilize the profits to “further strengthen its balance sheet and liquidity position,” the business stated in a declaration.

Lucid had about $3.85 billion in money since September 30, its newest report.