Lucid Group Raises $1 bln from Saudi’s PIF affiliate

Lucid Group Announced on Monday that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company (“Ayar”), 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. Ayer is purchasing about 12% of Lucid’s […]