Lucid and Nikola file to raise more cash
Electric vehicle startup Lucid said on September 28, 2021 that production of the first cars for customers has begun at its plant in Casa Grande, Arizona.
Electric vehicle manufacturer Lucid’s group and Nikola is moving to additional fundraising, as both companies aim to boost production amid Battery costs skyrocketed and new federal regulations Limited offer for electric car buyers.
Nikola said in a regulatory filing Tuesday that it plans to issue up to $400 million worth of new shares in an “at-market” offering, meaning shares will be sold for current market.
The Arizona-based electric heavy-duty truck maker told investors in the process second quarter earnings call that they expect to raise more funds as they work to ramp up production of their Bamboo electric vans and go ahead with Buyback $144 million of battery pack supplier Romeo Power.
Nikola has $529 million in cash remaining as of the end of June and an additional $312 million available through existing equity inflows from Tumim Stone Capital.
Separately, Lucid Group late Monday filed an “expiry subscription” to issue up to $8 billion in new shares over the next three years. The registration of the expiration date allows the company to have the right to issue shares when necessary.
Lucid said in a statement that the listing is intended to “provide more flexibility” to raise more money in the future, and it has no immediate plans to sell any new shares.
Lucid has $4.6 billion cash on hand as of now end of second quarterenough to fund the company’s operations and capital expenditures next year, it said earlier this month.