Lucid Motors CEO Peter Rawlinson claps after ringing the hole bell on the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) starts buying and selling at the Nasdaq inventory change after finishing its trade mixture with Churchill Capital Corp IV in New York Town, July 26, 2021.
Andrew Kelly | Reuters
Electrical automobile maker Lucid Workforce mentioned Monday that it has finished a deliberate $1.5 billion fairness providing. The corporate first introduced the providing in November, when it reported its third-quarter effects.
Lucid raised nearly all of that money, about $915 million, by the use of a non-public sale of just about 86 million stocks to an associate of its biggest investor, Saudi Arabia’s Public Funding Fund. The remainder $600 million used to be raised by the use of a conventional secondary inventory providing, during which Lucid offered an extra 56 million stocks.
The investment spherical used to be structured to stay the Saudi public wealth fund’s stake in Lucid at its earlier stage, about 62%.
Lucid plans to make use of the proceeds to “additional improve its stability sheet and liquidity place,” the corporate mentioned in a commentary.
Lucid had about $3.85 billion in money as of September 30, its most up-to-date file.