{"id":90665,"date":"2024-10-20T00:00:00","date_gmt":"2024-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/20\/pif-throwing-ev-maker-lucid-another-lifeline-ahead-of-3q-results\/"},"modified":"2024-10-20T00:00:00","modified_gmt":"2024-10-20T00:00:00","slug":"pif-throwing-ev-maker-lucid-another-lifeline-ahead-of-3q-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/20\/pif-throwing-ev-maker-lucid-another-lifeline-ahead-of-3q-results\/","title":{"rendered":"PIF throwing EV maker Lucid another lifeline ahead of 3Q results"},"content":{"rendered":"

The Public Investment Fund\u2019s (PIF) Ayar Third Investment is purchasing<\/strong> 374.7 mn shares in US luxury EV maker Lucid Group in a private placement<\/strong>, Lucid said in a press release (pdf)<\/a> on Thursday. The private placement \u2014 part of a follow-on public offering from Lucid \u2014 will see Ayar Third Investment keep its ownership steady at around 58.8%. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

The offering:<\/strong> Lucid Group priced an underwritten follow-on public offering of 262.4 mn shares of its common stock, it said in the statement. The shares will be offered on Nasdaq, over-the-counter markets, or through negotiated sales \u2014 at market prices, fixed prices, or otherwise. The offering was expected to close on 18 October, pending standard closing conditions. Reuters<\/a> had coverage.<\/p>\n

The private placement is set to close by Thursday, 31 October<\/strong>, dependent on the public offering. If the underwriter exercises its option to buy up to 39.4 mn additional shares, Ayar will snap up more shares to maintain its stake, with a secondary closing to follow 10 business days after the option is triggered.<\/p>\n

The sale comes as Lucid scrambles to shore up its finances and address<\/strong> steeper-than-expected losses<\/strong>, with its full 3Q earnings report due on 7 November. <\/p>\n

Proceeds from the offering, along with Ayar\u2019s private placement \u2014 which are expected to<\/strong> come at a combined USD 1.67 bn \u2014 will go toward capital <\/strong>expenditures<\/strong>, working capital, and other general corporate purposes.<\/p>\n

Third time\u2019s a charm? <\/strong>The fund invested USD 1.5 bn in Lucid back in August<\/a> to keep the EV maker\u2019s capex and working capital afloat. The lifeline was split between USD 750 mn in convertible stock via private placement and a USD 750 mn unsecured delayed draw term loan facility. This marked Ayar\u2019s second investment<\/a> in Lucid this year, following a USD 1 bn purchase of convertible preferred shares last March \u2014 both aimed at keeping the company in gear.<\/p>\n

ADVISORS-<\/strong> BofA Securities is leading the public offering as the sole underwriter. <\/p>\n","protected":false},"excerpt":{"rendered":"

Proceeds from both transactions are expected to come at a combined USD 1.67 bn<\/p>\n","protected":false},"author":1,"featured_media":90666,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2704],"tags":[3000,2419,10,3268,1151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-ayar-third-investment","tag-capital-markets","tag-enterpriseam-ksa","tag-lucid-group","tag-public-investment-fund-pif","wpautop","entry"],"acf":{"mongo_id":"94683184-1e99-43ff-9d5f-d8efa8022511","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1580.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF doubling down on Lucid as EV maker gears up for follow-on public offering","related_issue":[90660],"teaser":"Proceeds from both transactions are expected to come at a combined USD 1.67 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.191829b5-cc71-4880-9c4b-84d7fae056dd.mp3"},"yoast_head":"\nPIF throwing EV maker Lucid another lifeline ahead of 3Q results - 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