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

Lucid Motors CEO Peter Rawlinson claps after ringing the opening bell on the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins buying and selling on the Nasdaq inventory change after finishing its enterprise mixture with Churchill Capital Corp IV in New York Metropolis, July 26, 2021.

Andrew Kelly | Reuters

Electrical automobile maker Lucid Group mentioned Monday that it has accomplished a deliberate $1.5 billion fairness providing. The corporate first introduced the providing in November, when it reported its third-quarter results.

Lucid raised the vast majority of that money, about $915 million, through a non-public sale of practically 86 million shares to an affiliate of its largest investor, Saudi Arabia’s Public Funding Fund. The remaining $600 million was raised through a standard secondary inventory providing, by which Lucid offered an extra 56 million shares.

The funding spherical was structured to maintain the Saudi public wealth fund’s stake in Lucid at its earlier degree, about 62%.

Lucid plans to make use of the proceeds to “additional strengthen its steadiness sheet and liquidity place,” the corporate mentioned in a press release.

Lucid had about $3.85 billion in money as of September 30, its most up-to-date report.

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