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Lucid raises $1.5 billion from Saudi sovereign wealth fund, others

Lucid Motors CEO Peter Rawlinson applauds after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq exchange after completing its business combination with Churchill Capital Corp IV in New York City, July 26, 2021 .

Andrew Kelly | Reuters

Electric car maker Lucid Group said Monday it has completed a planned $1[ads1].5 billion public offering. The company first announced the offer in November, when it reported results for the third quarter.

Lucid raised most of the money, about $915 million, via a private sale of nearly 86 million shares to a subsidiary of its largest investor, Saudi Arabia’s Public Investment Fund. The remaining $600 million was raised via a traditional secondary share offering, in which Lucid sold an additional 56 million shares.

The financing round was structured to keep the Saudi sovereign wealth fund’s stake in Lucid at its previous level of approximately 62%.

Lucid plans to use the proceeds to “further strengthen its balance sheet and liquidity position,” the company said in a statement.

Lucid had about $3.85 billion in cash as of Sept. 30, the most recent report.

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