“Lucid” stock opens with a strong rise in its first public trading

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The shares of Lucid Group for electric vehicles rose in the beginning of trading on the American Nasdaq Stock Exchange today.

Shares rose during the first quarter of the hour of trading to the level of $26 per share, while the opening price was about $24.02 per share, with strong gains at the beginning of trading by about 7%.

The offering comes today, after the approval of the merger of “Lucid” with the blank check company Churchill Capital through a deal that represents an investment of $ 4.5 billion in financing for “Lucid”.

The shares of Lucid Group when it was first listed on the US Nasdaq

The shares of Lucid Group when it was first listed on the US Nasdaq

Lucid said that the merger itself was approved by more than 99% of the shareholders. The deal values ​​the new entity at $36 billion, of which the Saudi Public Investment Fund will own 60%.

The Saudi Public Investment Fund achieved profits of $20 billion, compared to its $2.9 billion investment, according to the Wall Street Journal.

And pre-opening orders on Wall Street showed today, Monday, a decline in US stocks at the beginning of the week’s trading, under pressure from the shares of Chinese companies listed on the New York Stock Exchange.

and contribute Public Investment Fund with a stake of about 60% of the shares of the emerging electric car industry.

The orders indicate that the shares of Alibaba and Baidu are expected to decline by more than 4%, and the orders indicate the continuation of Didi’s shares, down by 14%.

On the other hand, gold prices rose on Monday, supported by the decline in US bond yields and concerns about the high delta infections from the Corona virus, while investors are looking forward to the meeting of the Open Market Committee of the US Federal Reserve, which is being held this week.

Spot gold rose 0.3% to $1,806.80 an ounce, and US gold futures rose 0.3% to $1,806.70.

“There is no guarantee that we are out of this pandemic (Covid-19) and this will continue to maintain safe-haven demand that supports gold simply because that may keep central banks on the sidelines,” said Stephen Ince, managing partner at SBI Asset Management. to monetary easing.





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