The cash-strapped electric vehicle maker Lucid said the public offering of more than 262 million shares could bring it $1.67 billion in revenue. The company also signed an agreement with Ayar Third Investment, a subsidiary of the Saudi Arabian Public Investment Fund and the company's largest shareholder, to sell nearly 375 million shares through private placement, and Ayar is expected to continue holding approximately 59% of the company's tradable shares. Lucid said it plans to use the proceeds from stock sales and private placement for general corporate purposes, capital expenses and working capital.

The cash-strapped electric vehicle maker Lucid said the public offering of more than 262 million shares could bring it $1.67 billion in revenue. The company also signed an agreement with Ayar Third Investment, a subsidiary of the Saudi Arabian Public Investment Fund and the company's largest shareholder, to sell nearly 375 million shares through private placement, and Ayar is expected to continue holding approximately 59% of the company's tradable shares. Lucid said it plans to use the proceeds from stock sales and private placement for general corporate purposes, capital expenses and working capital.