Electrical car maker Lucid Group mentioned Monday that it has accomplished a deliberate $1.5 billion fairness providing. The corporate first introduced the providing in November, when it reported its third-quarter outcomes.
Lucid raised nearly all of that money, about $915 million, through a non-public sale of practically 86 million shares to an affiliate of its largest investor, Saudi Arabia’s Public Funding Fund. The remaining $600 million was raised through a standard secondary inventory providing, during which Lucid bought a further 56 million shares.
The funding spherical was structured to maintain 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 strengthen its stability sheet and liquidity place,” the corporate mentioned in an announcement.
Lucid had about $3.85 billion in money as of September 30, its most up-to-date report.