https://arab.news/mc3mx
- BofA Securities will handle the sale and the shares could be sold in different ways
- Ayar Third Investment Co. plans to buy 374.7 million shares in a separate private deal
RIYADH: US automaker Lucid Group has announced a plan to sell 262.4 million shares of its stock to the public.
This will be done through BofA Securities, a New York-based multinational investment banking division under the auspices of Bank of America, and it will handle the sale.
The shares could be sold in different ways, such as directly to buyers or through market trades on the US Nasdaq exchange, according to a press release.
The company has also given BofA Securities the option to buy up to an additional 39.4 million shares within the next 30 days, the release added.
At the same time, Lucid’s main shareholder, Ayar Third Investment Co.— an affiliate of Saudi Arabia’s Public Investment Fund — plans to buy 374.7 million shares in a separate private deal, at the same price as the public offering.
The move will help Ayar keep its roughly 58.8 percent ownership of Lucid. If BofA Securities decides to buy the extra shares, Ayar is also expected to buy more to maintain its ownership stake.
Ayar’s participation in Lucid’s stock offering aligns with PIF’s boarder strategy to strengthen its global investment presence and drive growth in emerging industries. By supporting Lucid, the Kingdom’s sovereign wealth fund aims to boost the electric vehicle sector.
Lucid said it will use the money from these sales for general business needs, such as covering expenses or funding new projects. Both deals are still subject to the usual closing conditions before they are finalized.