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Lucid Group, Inc. Announces Full Exercise of Convertible Notes Greenshoe, Raising an Aggregate Total in Excess of $2 billion USD; Equity Shares Begin Trading Today as Part of Nasdaq-100 Index®
NEWARK, Calif., Dec. 20, 2021 /PRNewswire/ -- Lucid Group ("Lucid") (Nasdaq: LCID), which is setting new standards with its advanced luxury EVs, today
About this update from Lucid Group, Inc.
[{"type":"text","content":"NEWARK, Calif., Dec. 20, 2021 /PRNewswire/ -- Lucid Group (\"Lucid\") (Nasdaq: LCID), which is setting new standards with its advanced luxury EVs, today announced the full exercise of the 15% \"greenshoe\" option under the convertible senior notes offering announced on December 8, 2021, raising an additional $262,500,000 for Lucid's business under this offering and bringing the total gross proceeds to $2,012,500,000. Comprised of green bonds, this offering means that Lucid will spend an amount equal to the proceeds on eligible green investments in its business, underscoring the company's commitment to addressing climate change and environmental challenges. \nToday also marked the first day of trading for Lucid Group as part of the Nasdaq-100 Index®, one of the world's preeminent large-cap growth indexes.\n\"This funding will allow Lucid to carry out key milestones and growth plans further into the future, thereby mitigating risk in the business. It's also one of the largest green convertible offerings in market history, reflecting the strength and mission of our business, our track record of performance, and the enormous growth opportunity that lies in front of us,\" said Sherry House, CFO, Lucid Group. \"We are also pleased to begin trading as part of the Nasdaq-100 Index, with Lucid added as a member of this impressive index of technology and innovation leaders.\" \nAbout Lucid GroupLucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. Underpinned by race-proven battery technology and proprietary powertrains developed entirely in-house, Lucid Air was named the 2022 MotorTrend Car of the Year®. The Lucid Air Dream Edition features an official EPA estimated 520 miles of range or 1,111 horsepower. Customer deliveries of Lucid Air, which is produced at Lucid's new factory in Casa Grande, Arizona, are underway.\nMedia [email protected]\nTrademarks\nThis communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries (the \"Company\") and other companie...