In an aerial view, an indication is posted at the external of Lucid headquarters on March 29, 2023 in Newark, California. Electrical car maker Lucid introduced plans to put off 1,300 employees, 18 p.c of its team of workers, as a part of a restructuring plan.
Justin Sullivan | Getty Photographs
Lucid Workforce stated on Wednesday that it’s elevating about $3 billion thru a brand new fairness providing, with the bulk coming from the Saudi fund that controls the luxurious electric-vehicle maker.
Stocks of the corporate fell greater than 6% after hours.
Lucid stated that about $1.8 billion of the entire will come from a non-public placement of inventory with Saudi Arabia’s Public Funding Fund (PIF). The remaining will likely be raised thru a public providing of recent stocks that commenced Wednesday, the corporate stated.
The PIF owns about 60.5% of Lucid. The brand new investment spherical is structured to stay its stake on the identical degree.
Lucid stated it’s going to use the brand new money for “common company functions,” together with capital expenditures and dealing capital.
Lucid had about $3.4 billion in money and about $700 million in to be had credit score strains as of March 31, in line with its most up-to-date file.
