Shares of Lucid Group Inc (NASDAQ:LCID) rose 10.3% on Tuesday morning, with the electric vehicle maker drawing attention after a series of capital deals and renewed takeover speculation following recent fundraising activity.
The move came after Lucid disclosed that Uber Technologies will invest an additional $200 million in the company, bringing Uber’s total investment to $500 million.
Following the transaction, Uber said it holds an 11.52% stake in the EV maker.
The capital base was further strengthened by commitments from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund, which is investing $550 million. In addition, Lucid priced a $300 million underwritten public offering.
Combined, the transactions provide approximately $1.05 billion in fresh capital, significantly bolstering liquidity as the company continues to scale production and expand its vehicle lineup.
The influx of funding comes after Lucid’s shares recently fell to record-low levels, intensifying market focus on its valuation and funding structure.
Lucid has not commented on the rumors.