Saudi Prince Alwaleed takes 5% stake in EV maker Lucid
LCID•Prince Alwaleed discloses 5% Lucid stake
July 28 (Reuters) - Saudi billionaire Prince Alwaleed bin Talal Al Saud has taken a 5% stake in Lucid LCID.O, according to a regulatory filing on Tuesday.
Shares of the company closed up over 21%, and were down 3.4% in extended trading.
Details from the filing and Lucid's recent restructuring
- The disclosure comes weeks after the electric-vehicle maker pushed back against speculation about a potential take-private deal or a Chapter 11 bankruptcy filing.
- Alwaleed owns about 19.5 million shares, amounting to a $126.83 million stake in the company, based on its last closing price of $6.50.
- Lucid's shares have lost about 97% of their value since the company went public, as it has struggled to turn a profit nearly five years after its market debut.
- The EV maker has been undergoing broad restructuring under CEO Silvio Napoli, who took over in June, and named Alexander De Bock as its new finance chief earlier this month.
- Last month, Lucid said it would lay off about 18% of its U.S. workforce, eliminate its chief operating officer role and streamline its leadership structure to reduce costs and improve execution.
