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HomeAutomobileLucid LCID pronounces $3 billion elevate from Saudi fund, others

Lucid LCID pronounces $3 billion elevate from Saudi fund, others

In an aerial view, an indication is posted on the outside of Lucid headquarters on March 29, 2023 in Newark, California. Electrical automobile maker Lucid introduced plans to put off 1,300 staff, 18 % of its workforce, as a part of a restructuring plan. 

Justin Sullivan | Getty Pictures

Lucid Group mentioned on Wednesday that it’s elevating about $3 billion via a brand new fairness providing, with the bulk coming from the Saudi fund that controls the posh electric-vehicle maker.

Shares of the corporate fell greater than 6% after hours.

Lucid mentioned that about $1.8 billion of the full will come from a non-public placement of inventory with Saudi Arabia’s Public Funding Fund (PIF). The rest shall be raised via a public providing of latest shares that commenced Wednesday, the company said.

The PIF owns about 60.5% of Lucid. The brand new funding spherical is structured to maintain its stake on the identical stage.

Lucid mentioned it’ll use the brand new money for “normal company functions,” together with capital expenditures and dealing capital.

Lucid had about $3.4 billion in cash and about $700 million in accessible credit score traces as of March 31, in keeping with its most up-to-date report.

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