Lucid inks deal worth $1.5B with PIF’s Ayar

Lucid Co. concluded an agreement with Ayar Third Investment Co., a subsidiary of the Public Investment Fund (PIF), to obtain an amount of $1.5 billion.

According to a statement by Lucid, Ayar will purchase convertible preferred shares worth $750 million, and provide loan facilities worth $750 million, subject to certain conditions.

The company explained that it will use the proceeds for general corporate purposes, which may include, among other things, capital expenditures and working capital.