Lucid Motors closes 10% higher in debut on Nasdaq

26/07/2021 Argaam

A Lucid Motors car

Shares of electric vehicle company, Lucid Motors, rose 12% in their public debut on Nasdaq.
 

The rise came after Lucid Motors was bought by blank-check company, Churchill Capital Corp.
 

Shares of Lucid Motors ended Monday's session 10.6% higher, at $26.83, down from $29.03 earlier today, July 26.

 

On Sept. 17, 2018, Saudi Arabia’s Public Investment Fund (PIF) announced investing more than $1 billion (SAR 3.75 billion) in Lucid Motors.

 

Last January, Yasir Al-Rumayyan, Governor of the PIF, said the fund owns 67% stake in Lucid Motors at a total investment value of $1.3 billion (SAR 4.9 billion), affirming that the sovereign wealth fund was in talks to build an electric vehicle factory in the Kingdom.

 

Al-Rumayyan participated in ringing the opening bell at Nasdaq today to celebrate the company's public listing.

 

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