WASHINGTON (dpa-AFX) - Lucid Group, Inc.(LCID), a maker of electric vehicles, Tuesday priced its underwritten public offering of shares for gross proceeds of $300 million. The underwritten offering is expected to close on or about April 15.
The company has previously announced that Uber Technologies, Inc.(UBER) has committed to an additional $200 million investment, raising Uber's total investment to $500 million.
Ayar Third Investment, an affiliate of the Public Investment Fund, or PIF, has also committed a new investment of $550 million of convertible preferred stock in Lucid Group.
The total proceeds from these transactions are expected to be around $1.05 billion.
In addition, Uber will increase its purchase commitment to at least 35,000 Lucid vehicles designed exclusively for Uber's future robotaxi service.
LCID was up by 4.76% at $9.68 in the pre-market trade on the Nasdaq.
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