EV maker Lucid closes $1.5 billion raise from the Saudi public wealth fund and other investors

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

Electric vehicle maker Lucid Group 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.

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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.

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