The additional funds are critical and come as the automaker, like its peers, struggles with mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla Inc (TSLA.O). The remainder will be raised from a public offering of 173.5 million shares of common stock. PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said, implying a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. May 31 (Reuters) - Lucid Group (LCID.O) said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia's Public Investment Fund (PIF), sending shares of the luxury electric-vehicle maker down 9% after market hours.
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