Lucid Group Announces Public Offering Of 262.4M Shares Of Common Stock With Additional Investment Of 374.7M Shares By Affiliate Of PIF In Private Placement, Aiming To Maintain 58.8% Ownership
Portfolio Pulse from Benzinga Newsdesk
Lucid Group is conducting a public offering of 262.4 million shares of common stock. Additionally, an affiliate of the Public Investment Fund (PIF) will invest in 374.7 million shares through a private placement, aiming to maintain a 58.8% ownership stake.
October 16, 2024 | 8:37 pm
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Lucid Group is issuing 262.4 million shares in a public offering and an affiliate of PIF is investing in 374.7 million shares via private placement to maintain a 58.8% ownership.
The issuance of new shares typically dilutes existing shareholders' equity, which can lead to a short-term decrease in stock price. However, the investment by a PIF affiliate indicates strong backing, which may mitigate some negative impacts.
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