Lucid Motors plans to raise about $3 billion – Kommersant
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American manufacturer of luxury electric vehicles Lucid Motors announced about the intention to raise about $3 billion through an additional issue of ordinary shares of the company.
Lucid has already agreed with the Saudi state investment fund Public Investment Fund (PIF) to receive $1.8 billion of the above amount from it in exchange for 265.7 million ordinary shares. PIF is the main shareholder of Lucid, owning approximately 60% of the share capital of the US company.
The manufacturer intends to receive the rest of the amount through a public offering of shares. As a result, the share of PIF should remain at the level of 60.5%, the company says.
After the announcement of the additional issue of Lucid shares, their value fell sharply. They are now quoted nearly 14% below Wednesday’s close.
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