EV maker Lucid closes $1.5 billion raise from the Saudi public wealth fund and other investors

Lucid Motors CEO Peter Rawlinson claps after ringing the opening bell at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, July 26, 2021.

The company that makes electric vehicles said Monday that it has completed its equity offering. The company reported its third quarter results in November.

The majority of the cash came from a private sale of 86 million shares to the Public Investment Fund. The rest of the money was raised through a traditional secondary stock offering.

The Saudi public wealth fund kept its stake in the company at its previous level.

The proceeds will be used to strengthen the company's balance sheet, according to the statement.

The most recent report shows that Lucid had almost $4 billion in cash.