Lucid will sell $1.8 billion worth of shares to an affiliate of Saudi Arabia's Public Investment Fund, which owns 60.5% of the company.
said that about $1.8 billion of the total will come from a private placement of stock with Saudi Arabia's Public Investment Fund , which owns about 60.5% of Lucid. PIF's stake will remain at the same level after the new funding round.
The transaction implies a price of about $6.80 per Lucid share, compared with the stock's May 31 close of $7.76. In the wake of the announcement, shares of the luxury EV maker went down 9 percent after market hours.The remaining $1.2 billion will be raised through a public offering of new shares – 173.5 million – that started on May 31, the company said. The public offering is expected to close on or about June 5, 2023.
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