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 trade after finishing its business mixture with Churchill Capital Corp IV in New York City, July 26, 2021.
Andrew Kelly | Reuters
Electric car maker Lucid Group mentioned Monday that it has accomplished a deliberate $1.5 billion fairness providing. The firm first introduced the providing in November, when it reported its third-quarter outcomes.
Lucid raised the vast majority of that money, about $915 million, by way of a personal sale of almost 86 million shares to an affiliate of its largest investor, Saudi Arabia’s Public Investment Fund. The remaining $600 million was raised by way of a conventional secondary inventory providing, wherein Lucid offered a further 56 million shares.
The funding spherical was structured to maintain the Saudi public wealth fund’s stake in Lucid at its earlier stage, about 62%.
Lucid plans to make use of the proceeds to “further strengthen its balance sheet and liquidity position,” 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.