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EV stock news bite - Lucid Group (Nasdaq: LCID) Pops on News of Investment of $1.0 Billion by an Affiliate of PIF

 

March 25, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) EV Stock News Bites - Lucid Group, Inc. (Nasdaq: LCID) is trading up on investment into the company and is trading at $3.0100, up 0.2400 or 8.6643%. The stock had a morning high of $3.35.

This is a positive for investors hit hard in the EV sector. Other EV stocks are trading up this morning, feeding off the momentum.

Lucid announced today that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company , an affiliate of the Public Investment Fund ("PIF"), to purchase $1.0 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions.

"We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world's leading EV technology company," said Peter Rawlinson, CEO and CTO, Lucid Group.  "We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF's support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year."

Lucid intends to use the net proceeds from the private placement for general corporate purposes, which may include, among other things, capital expenditures and working capital.

The convertible preferred stock sold to Ayar in the private placement will be sold in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/lucid-group-inc-announces-investment-120000163.html

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