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Electric-vehicle maker Lucid Group Inc.

on Monday said it raised roughly $1.515 billion through a follow-on stock offering and funds it expects to generate via an affiliate of an investment program in Saudi Arabia. Shares rose 3.7% after hours. The company, based in Newark, Calif., said it completed an at-the-market stock offering, raising proceeds of around $600 million following the sale of 56.2 million shares. It said the other $915 million would come from the private placement of some 85.7 million shares to Ayar Third Investment Co., the affiliate of the Public Investment Fund – a fund Saudi Arabia is leaning on to develop the nation’s economy – pending settlement this month. The Public Investment Fund has a roughly 60% stake in Lucid, according to FactSet data. Lucid Group announced the plans last month.

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