10:05 AM EDT, 03/25/2024 (MT Newswires) -- Lucid Group ( LCID ) rallied early Monday after saying majority owner Ayar Third Investment Co. will buy $1 billion of a new series of its convertible preferred stock through a private placement with the electric vehicle powertrain company, subject to customary closing conditions.

Specific terms of the convertible preferred stock sale were not disclosed. Lucid said net proceeds will be used for general corporate purposes, including capital projects and working capital.

Lucid shares recently were more than 16% higher in recent trading.

Price: 3.23, Change: +0.46, Percent Change: +16.62