Lucid announces $600M at-the-market program, $915M investment by unit of Saudi's PIF
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Lucid Group (NASDAQ:LCID) on Tuesday announced a $600M at-the-market program and up to $915M additional investment by Ayar Third Investment, its majority shareholder and affiliate of Saudi Arabia's sovereign wealth fund PIF.
Ayar will buy from Lucid (LCID) up to $915M of shares in one or more private placements through at least Mar. 31.

Ayar will pay a price per share equal to the volume-weighted average price to the public of the shares that Lucid (LCID) sold in the ATM program during such calendar quarter.
The private placements are not a part of ATM offering, and are in addition to the $600M of shares that Lucid (LCID) may sell under the ATM program.
Ayar will not offer, sell or pledge any Lucid (LCID) shares for six months after the date of any private placement.
Lucid (LCID) intends to use net proceeds from the ATM program, as well as from the private placements, for general corporate purposes.
The EV maker also reported Q3 results below expectations, sending its shares down 11%.