Lucid (LCID) gains as Saudi fund boosts investment

Shares of Lucid Group (NASDAQ: LCID) climbed as high as 7.6% in pre-market trading Tuesday morning after the luxury electric automaker revealed that Saudi Arabia’s sovereign wealth fund, The Public Investment Fund (PIF), acquired approximately 265.7 million shares of the EV manufacturer through a private placement. The average price per share in this transaction was $6.83, resulting in a substantial investment valued at $1.8 billion.

This recent purchase forms part of LCID’s $3 billion stock offering announcement made earlier in June. The remaining $1.2 billion was raised through an at-the-market offering of 173 million shares of its common stock.

This latest investment increases the funds ownership stake in Lucid to 65% of the common stock, up from 60% previously. It is worth highlighting that PIF is the majority shareholder of Lucid and one of its directors.

Shares of LCID are up 4.32% in pre-market trading on Tuesday.

By Michael Elkins | [email protected]

You May Also Be Interested In

• Lucid Group cuts 18% of US workforce, stock slides
• This oil stock is BofA's Top Pick within Integrateds and Refining sector
• A.O. Smith executive chairman to retire, CEO to assume chairman role