10 months ago
111 In an aerial view, a motion is posted connected the exterior of Lucid office connected March 29, 2023 successful Newark, California. Electric conveyance shaper Lucid announced plans to laic disconnected 1,300 workers, 18 percent of its workforce, arsenic portion of a restructuring plan.
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Lucid Group said connected Wednesday that it is raising astir $3 cardinal done a caller equity offering, with the bulk coming from the Saudi money that controls the luxury electric-vehicle maker.
Shares of the institution fell much than 6% aft hours.
Lucid said that astir $1.8 cardinal of the full volition travel from a backstage placement of banal with Saudi Arabia's Public Investment Fund (PIF). The remainder volition beryllium raised done a nationalist offering of caller shares that commenced Wednesday, the institution said.
The PIF owns astir 60.5% of Lucid. The caller backing circular is structured to support its involvement astatine the aforesaid level.
Lucid said it volition usage the caller currency for "general firm purposes," including superior expenditures and moving capital.
Lucid had about $3.4 cardinal successful cash and astir $700 cardinal successful disposable recognition lines arsenic of March 31, according to its astir caller report.
