Lucid says PIF to buy 265.7 mln shares for $1.8 bln

One of Lucid’s cars

Lucid Group announced that the Public Investment Fund (PIF), through its subsidiary Ayar Third Investment Co., approved the purchase of 265.7 million additional shares for nearly $1.8 billion in a private placement, according to a company statement.

The private placement is expected to close on June 26, 2023. It is subject to completion of the public offering of approximately 173.54 million shares and customary closing conditions.

As a result, Ayar expects to maintain its approximate 60.5% ownership of Lucid.

Lucid intends to use the net proceeds from the public offering, as well as from the private placement amounting to nearly $3 billion, for general corporate purposes. This may include capital expenditure and working capital.