Lucid Motors CEO Peter Rawlinson puts after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq horses exchange after completing its business combination with Churchill Capital Corp IV in New York City, July 26, 2021.
Andrew Kelly | Reuters
Stimulating vehicle maker Lucid Group said Monday that it has completed a planned $1.5 billion equity present. The company first announced the offering in November, when it reported its third-quarter results.
Lucid raised the majority of that hard cash, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor, Saudi Arabia’s Patent Investment Fund. The remaining $600 million was raised via a traditional secondary stock offering, in which Lucid trade ined an additional 56 million shares.
The funding round was structured to keep the Saudi public wealth fund’s delimit in Lucid at its previous level, about 62%.
Lucid plans to use the proceeds to “further strengthen its balance sheet and liquidity localize,” the company said in a statement.
Lucid had about $3.85 billion in cash as of September 30, its most recent scrutinize.