Aston Martin chairman Lawrence Stroll s turnaround of the luxury car marque has slid into reverse, after it posted worse than expected first quarter losses of £138.8million.
Shareholders, who are represented on board, have committed to subscribe 184 million pounds, of which 115 million pounds worth of shares will be bought by Yew Tree Overseas, Public Investment Fund, Geely International (Hong Kong) and Mercedes-Benz AG.
Under the terms of the proposed agreement, Aston Martin would issue about 28.4 million new ordinary shares and make phased cash payments to Lucid totalling about $232 million, while Lucid would become a 3.7% shareholder in the car maker.
Aston Martin’s team, formerly known as Racing Point, has been rebranded for the new car and also sparked new interest from sponsors to get aboard with the team.