EV maker Lucid to raise $3 bln, mainly from Saudi’s PIF – Reuters
- Date: 01-Jun-2023
- Source: Reuters
- Sector:Financial Markets
- Country:Saudi Arabia
EV maker Lucid to raise $3 bln, mainly from Saudi’s PIF – Reuters
May 31 (Reuters) - Lucid Group (LCID.O) announced plans to raise about $3 billion through stock offerings, with most of the money expected to come from Saudi Arabia's Public Investment Fund (PIF), sending shares of the embattled electric-vehicle maker down 9% after market hours.
PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said in a statement. The rest will be raised from a public offering of 173.5 million shares of common stock.
The private placement implies a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76.
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