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EV maker Lucid closes $1.5 billion raise from the Saudi public wealth fund and diversified traders

Lucid Motors CEO Peter Rawlinson claps after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock alternate after finishing its industry combination with Churchill Capital Corp IV in Unusual York Metropolis, July 26, 2021.

Andrew Kelly | Reuters

Electric car maker Lucid Team Monday acknowledged that it has done a deliberate $1.5 billion fairness offering. The company first presented the offering in November, when it reported its third-quarter outcomes.

Lucid raised the bulk of that money, about $915 million, by a non-public sale of nearly 86 million shares to an affiliate of its biggest investor, Saudi Arabia’s Public Investment Fund. Essentially the most attention-grabbing $600 million became as soon as raised by a feeble secondary stock offering, wherein Lucid equipped a further 56 million shares.

The funding round became as soon as structured to hold the Saudi public wealth fund’s stake in Lucid at its old level, about 62%.

Lucid plans to make oath of the proceeds to “further attend its balance sheet and liquidity situation,” the company acknowledged in a statement.

Lucid had about $3.85 billion in money as of September 30, its most modern myth.

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