Electric vehicle maker Lucid Group (NASDAQ:LCID) said Monday that it has completed a planned $1.5-billion equity offering. The company first announced the offering in November, when it reported its third-quarter results.
Lucid raised the majority of that cash, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor,
Saudi Arabia’s Public Investment Fund. The remaining $600 million was raised via a traditional secondary stock offering, in which Lucid sold an additional 56 million shares.
The funding round was structured to keep the Saudi public wealth fund’s stake in Lucid at its previous level, about 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 September 30, its most recent report.
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California -inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona , are currently underway to U.S. and Canadian customers.
LCID shares advanced eight cents, or 1.1%, to $7.31
