The stock of Lucid (NASDAQ: LCID) is accelerating on Monday. The company's share price was up 7.9% as of 12:10 p.m. ET, according to data from S&P Global Market Intelligence. It had been up as much as 20.9% earlier in today's trading.

In a press release published before the market opened this morning, Lucid announced that it had entered into an agreement to sell preferred stock to Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF).

The Saudi PIF is already the largest stakeholder in the electric vehicle (EV) specialist, owning roughly 60% of the company.

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Source Fool.com