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Lucid Group’s shares for electric vehicles rose at the start of trading on the US Nasdaq Stock Exchange today.
Shares rose during the first quarter of an hour of trading to the level of $ 26 per share, while the opening price was around $ 24.02 per share, with strong gains early in trading. about 7%.
The offer comes today, following the approval of the merger of “Lucid” with the blank check company Churchill Capital in a deal that represents a $ 4.5 billion investment in financing for “Lucid”.
Lucid Group shares when it first listed on the US Nasdaq
Lucid said the merger itself was approved by more than 99% of shareholders. The deal values the new entity at $ 36 billion, of which the Saudi Public Investment Fund will hold 60%.
The Saudi Public Investment Fund made $ 20 billion in profits, compared to $ 2.9 billion in investment, according to the Wall Street Journal.
And pre-opening orders on Wall Street showed today, Monday, a decline in US stocks at the start of the week’s session, under pressure from shares of Chinese companies listed on the New York Stock Exchange.
The Public Investment Fund contributes around 60% of the shares of the emerging electric car industry.
Orders indicate Alibaba and Baidu shares are expected to fall more than 4%, and orders indicate continuation of Didi shares, down 14%.
On the other hand, gold prices rose on Monday, supported by lower U.S. bond yields and concerns about an increase in delta infections from the Corona virus, as investors anxiously await the committee meeting. ‘US Federal Reserve Open Market, 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 it will continue to maintain a demand for safe haven that supports gold simply because it can keep central banks away”, said Stephen Ince, Managing Partner of SBI. Asset Management. to monetary easing.
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