Lucid and Nikola file to raise additional cash

Electric automobile start-up Lucid on Sept. 28, 2021 stated manufacturing of its first vehicles for purchasers has began at its manufacturing unit in in Casa Grande, Arizona.

Lucid

Electric automobile makers Lucid Group and Nikola are shifting to raise additional funds, as each firms purpose to increase manufacturing amid sharply rising battery prices and new federal rules that restrict incentives for EV consumers.

Nikola stated in a regulatory submitting Tuesday that it plans to concern up to $400 million value of latest inventory in an “at-the-market” providing, which means that the shares can be offered at prevailing market costs.

The Arizona-based maker of electrical heavy vehicles advised buyers throughout its second-quarter earnings name that it anticipated to raise additional funds as it really works to ramp up manufacturing of its Tre electrical semitrucks and strikes forward with its $144 million acquisition of battery pack provider Romeo Power.

Nikola had $529 million in cash remaining as of the top of June, and an additional $312 million out there through an current fairness line from Tumim Stone Capital.

Separately, Lucid Group late on Monday filed a “shelf registration” to concern up to $8 billion in new inventory over the subsequent three years. A shelf registration offers the corporate the fitting to concern the inventory as wanted.

Lucid stated in a press release that its shelf registration is meant to “provide greater flexibility” to raise additional cash sooner or later, and that it has no instant plans to promote any new inventory.

Lucid had $4.6 billion in cash available as of the top of the second quarter, sufficient to fund its operations and capital bills into subsequent yr, it stated earlier this month.

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