Lucid Group announces Public Investment Fund commitment of $1.5B

Lucid Group (NASDAQ:LCID) said on Monday that it had entered into agreements with Ayar Third Investment Company, an affiliate of Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF).

The agreements allow the American automotive electric vehicle company to purchase $750 million of convertible preferred stock via private placement and provide for a $750 million unsecured delayed draw term loan facility.

Lucid has not borrowed under the delayed draw term loan facility, the company said in a press release.

The Newark, California based company intends to use the net proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include, among other things, capital expenditures and working capital.

Source: Press release.