November 17, 2024 3:49 pm
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Saudis pump more cash into EV maker Lucid Group

By Greg Barr | Phoenix Business Journal

Lucid Group Inc., the California electric vehicle company that produces its luxury sedans in Arizona, has gone back to its Middle East investors to help shore up its balance sheet amid its ongoing need for fresh capital.

Ayer Third Investment Co., which is affiliated with Lucid’s major shareholder, the Saudi Public Investment Fund (PIF), has agreed to purchase $1 billion worth of convertible preferred stock, equating to about 278 million common shares at $3.59 apiece, or 12% of the company’s outstanding share float, according to a March 25 regulatory filing. The convertible shares are locked up for a period of 12 months, the filing states.

Read the full subscription story from the Phoenix Business Journal.

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