Lucid Group gains after Saudi Arabia's PIF fund takes stake over 60%
omersukrugoksu
Lucid Group (NASDAQ:LCID) disclosed in a SEC filing on Tuesday that the Public Investment Fund of Saudi Arabia bought 266M more shares in the company through a $1.8B private placement made by subsidiary Ayar Third Investment. The purchase was made on June 22, but was first tipped off a few weeks ago.
The Saudi Arabia Public Investment Fund, which was already the largest shareholder of the electric vehicle maker, now holds a reported stake of 60.49% in Lucid Group (LCID).
Short interest on Lucid Group (LCID) is still at 19.00% of total float. The stock is down about 10% on a year-to-date basis and trading below its 50-day, 100-day, and 200-day moving averages. The market cap on LCID is just over $11B.
Lucid Group (LCID) and Aston Martin both rallied on Monday after a proposed supply agreement between the two automakers was called a game changer. In early trading on Tuesday, shares of Lucid Group (LCID) broke 3.45% higher to $5.74.
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