Lucid Group, Inc. Announces Public Offering of Common Stock and Corresponding Investment by an Affiliate of PIF

About this update from Lucid Group, Inc.

[{"type":"text","content":"NEWARK, Calif., Oct. 16, 2024 /PRNewswire/ -- Lucid Group, Inc. (Nasdaq: LCID; \"Lucid\") announced today the commencement of a public offering of 262,446,931 shares of its common stock. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions to purchasers directly, through agents or through brokers in brokerage transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or in a combination of such methods, or otherwise at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.\n\n \n \n \n \n \n \n\n \nLucid intends to grant the underwriter a 30-day option to purchase up to 39,367,040 additional shares of its common stock.\nBofA Securities is acting as the sole underwriter for the public offering.\nIn addition, Lucid's majority stockholder and affiliate of the Public Investment Fund (\"PIF\"), Ayar Third Investment Company (\"Ayar\"), has indicated that they intend to purchase 374,717,927 shares of common stock from Lucid in a private placement concurrently with the public offering, subject to certain conditions, at the same price per share initially to be paid by the underwriter for the public offering. The private placement is subject to completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects to maintain its approximate 58.8% ownership of Lucid's outstanding common stock. In addition, Ayar has indicated that they intend to purchase from us, in the event that the underwriter exercises its option, additional shares of our common stock to maintain its ownership of Lucid's outstanding common stock, and an additional closing for such purchase would be held 10 days after the underwriter's exercise of its option.\nLucid intends to use the net proceeds from the public offering, as well as from the private placement by its majority stockholder, for general corporate purposes, which may include, among other things, capital expenditures and working capital.\nThe public offering is being made pursuant to Lucid's effective shelf registration statement on Form S-3, including a base prospectus, filed with the Securities and Exchange Commission (the \"SEC\") and a prospectus supplement relating to ...

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