Lucid raises $1.5 billion from Saudi state fund and others

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

andrew kelly | Reuters

Electrical car producer Lucid Group stated on Monday that it had accomplished an anticipated inventory providing of $1.5 billion. The corporate first introduced the provide in November, when it introduced its third quarter outcomes.

Lucid raised the vast majority of that cash, about $915 million, by 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 by a standard secondary inventory providing, wherein Lucid bought an extra 56 million shares.

The funding spherical was structured to take care of the Saudi public fund’s stake in Lucid at its earlier degree of round 62%.

Lucid plans to make use of the proceeds to “additional strengthen its steadiness sheet and liquidity place,” the corporate stated in an announcement.

Lucid had roughly $3.85 billion in money as of September 30, its newest report.