Lucid Group Inc. announced an investment of $1.0 billion from an affiliate of the Public Investment Fund (PIF), Ayar Third Investment Co, for a newly created series of convertible preferred stock, subject to customary closing conditions. This investment comes as a significant boost for the electric vehicle (EV) maker, which has seen its stock price surge in premarket trading, with an increase of 12.6% reported at one point and reaching up to +25.27%, closing at $2.77 and opening at $3.47 in premarket. The funding is viewed as a critical lifeline for the company, struggling in the competitive EV market. Lucid's CEO, in a statement, emphasized a cautious approach towards the financial backing from PIF, indicating a respect for the investor and a commitment to prudent financial management.
Lucid Group is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline. https://t.co/5lQ6KfyTEW
Lucid Group is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline. https://t.co/Wn8a6Gi1sg
NEWS: Lucid is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund. https://t.co/uT17WRF0iS
EV maker Lucid Group rallies on heavy volume after $1B private placement https://t.co/fxEPrv9Zf3
Lucid CEO to @Petercampbell1 19 days ago: “If I adopt a mindset that there is bottomless wealth from PIF, that is very dangerous, that is something I will never do, I respect them far too much for that.” https://t.co/7qJWa4HkXu https://t.co/aWpLeKlVaH
Luxury EV maker Lucid to raise $1 bln from Saudi's PIF affiliate https://t.co/thLeMFs58a https://t.co/LVLPJUxev5
$LCID +18% in premarket https://t.co/aQidQn7BG1
$LCID @LucidMotors today's premarket Gapper on $1b in convertible funding news. Closed at $2.77 Premarket $3.47 up .70 +25.27% @TheGuruYouKnow @CassiusCuvee @finalmetaverse @Sup https://t.co/jNwbftxgcH https://t.co/r2ldacu7wf
$LCID (+12.6% pre) Lucid Group (LCID) Announces Investment of $1.0 Billion by an Affiliate of PIF - SI https://t.co/FMIo95Y3Th
$LCID @LucidMotors Lucid Group Inc. entered into an agreement with its majority stockholder, Ayar Third Investment Co affiliate of the PIF, to purchase $1.0b of newly created series of convertible preferred stock subject to customary closing conditions. https://t.co/4h68R52qTY
$GOEV (+3.5% pre) Canoo completes acquisition of manufacturing assets from Arrival - SA https://t.co/Cbx7LruiWS
NEWS: Saudi PIF affiliate Ayar has agreed to buy $1.0 billion of newly created series of convertible preferred stock of $LCID Lucid up in pre