News Lucid to receive $1bn from PIF affiliate via new stock

RIYADH: Electric carmaker Lucid announced an additional $1 billion investment from Saudi Arabia’s Public Investment Fund in a move which saw its shares rise 18 percent.

The money is coming via the company’s majority stockholder, Ayar Third Investment Co., an affiliate of the Kingdom’s sovereign wealth body.

It will reach California-based Lucid through a newly created series of convertible preferred stock,  which can be converted into about 280 million shares, according to a filing with the US securities regulator.

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