Shares of Lucid Group, Inc. were trading higher in Monday’s after-hours market following news the company completed a capital raise of about $1.515 billion.
Lucid said it sold over 56.2 million shares of its common stock for gross proceeds of about $600 million. The electric vehicle company also said it expects to raise about $915 million via a private placement of some 85.7 million shares to an affiliate of the Public Investment Fund, Ayar Third Investment Company.
At 5:47 p.m. EST, the company’s shares were trading 6.5% higher at $7.70 per share. They finished the day’s regular session with a 1.8% loss at $7.23 per share. Year to date, the stock is down about 81%.