Lucid inks deal worth $1.5B with PIF’s Ayar

06/08/2024 Argaam
Logo ofPublic Investment Fund (PIF)

Logo of Public Investment Fund (PIF)

Lucid Co. concluded an agreement with Ayar Third Investment Co., a subsidiary of the Public Investment Fund (PIF), to obtain an amount of $1.5 billion.

 

According to a statement by Lucid, Ayar will purchase convertible preferred shares worth $750 million, and provide loan facilities worth $750 million, subject to certain conditions.

 

The company explained that it will use the proceeds for general corporate purposes, which may include, among other things, capital expenditures and working capital.

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