Saudi PIF said to take majority stake in Lucid Motors, lawsuit claims - Arabianbusiness:
California-based electric vehicle gave up Lucid Motors transferred majority ownership to Saudi Arabia’s Public Investment Fund in exchange for the $1.3 billion investment the PIF made in 2019, according to documents included in a lawsuit filed by the firm’s former head of finance.
The lawsuit was filed by Doug Coates, whose lawyers are arguing that he was entitled to a number of severance benefits because of a ‘change in control’ clause in his contract that was triggered as a result of the PIF deal.
While Lucid Motors has disputed the severance pay issue, a company statement cited by The Verge said that it “does not dispute that the financing transaction that closed on or about April 2, 2019 would appear to constitute a change of control.”
No comments:
Post a Comment