US Lucid Motors sets to raise nearly $3B

Lucid has already reached an agreement with the Saudi Public Investment Fund (PIF) to receive $1.8 billion of the aforementioned sum in exchange for 265.7 million common shares. PIF has a significant stake in Lucid, holding around 60% of the company's equity.

The plans to obtain the remainder sum via a public offering. PIF's ownership should therefore stay at 60.5%, the company stated.

The value of Lucid Motors significantly decreased following announcement of the increased offering of Lucid shares.

source: bloomberg.com