In an aerial perspective, a indicator is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. Electrical vehicle maker Lucid announced plans to lay off 1,300 employees, 18 p.c of its workforce, as element of a restructuring prepare.
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Lucid Group mentioned on Wednesday that it is increasing about $3 billion by way of a new equity presenting, with the the vast majority coming from the Saudi fund that controls the luxurious electric-auto maker.
Shares of the enterprise fell more than 6% right after hrs.
Lucid stated that about $1.8 billion of the total will appear from a private placement of stock with Saudi Arabia’s General public Expenditure Fund (PIF). The remainder will be elevated via a public offering of new shares that commenced Wednesday, the corporation mentioned.
The PIF owns about 60.5% of Lucid. The new funding spherical is structured to preserve its stake at the same amount.
Lucid stated it will use the new income for “common corporate purposes,” which includes funds expenses and doing the job money.
Lucid experienced about $3.4 billion in money and about $700 million in readily available credit traces as of March 31, according to its most recent report.