Lucid Raises Capital Through Stock Offering and PIF Investment
October 16, 2024
Merger/DeSPAC: Jul 26, 21
Industry:
MOTOR VEHICLES & PASSENGER CAR BODIES
Lucid Group, Inc. is raising capital through a public offering of 262,446,931 shares of its common stock. Simultaneously, its majority shareholder, Ayar Third Investment Company (an affiliate of the Public Investment Fund of Saudi Arabia), will purchase 374,717,927 shares in a private placement at the same price. This move allows Lucid to raise significant capital while its major investor maintains its approximate 58.8% ownership stake.
The proceeds will be used for general corporate purposes, including capital expenditures and working capital. BofA Securities is underwriting the public offering. Investors can find details about the offering in the prospectus filed with the Securities and Exchange Commission.
Tencent Invests in AI-Powered Cancer Detection
October 15, 2024
Merger/DeSPAC: May 18, 21
Industry:
LABORATORY ANALYTICAL INSTRUMENTS
Tencent has invested US$30 million in Insighta (NASDAQ: PRE), a Hong Kong-based early cancer detection company, valuing it at US$200 million. This strategic investment highlights Tencent’s commitment to AI-driven healthcare innovations. Insighta utilizes its proprietary FRAGMA technology, an AI-powered system that detects cancer-related DNA methylation changes in blood. This non-invasive approach allows for cost-effective early detection of multiple cancers.
Insighta will use the funding to advance clinical trials in Mainland China, focusing on liver and lung cancer detection, with plans to expand to other cancer types. This partnership combines Insighta’s cutting-edge technology with Tencent’s AI expertise, promising significant advancements in early cancer diagnosis and improved patient outcomes.