Lucid Group, Inc. Announces Public Offering of Common Stock and Corresponding Investment by an Affiliate of PIF for Aggregate Expected Gross Proceeds of Approximately $3.0 Billion

About this update from Lucid Group, Inc.

[{"type":"text","content":"NEWARK, Calif., May 31, 2023 /PRNewswire/ -- Lucid Group, Inc. (Nasdaq: LCID; \"Lucid\") announced today the commencement of a public offering of 173,544,948 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 \nBofA Securities, Inc. is acting as book-running manager for the public offering.\nIn addition, Lucid's majority stockholder and affiliate of the Public Investment Fund (\"PIF\"), Ayar Third Investment Company (\"Ayar\"), has agreed to purchase from Lucid 265,693,703 shares of Lucid common stock in a private placement for an aggregate purchase price of approximately $1.8 billion. The private placement is expected to close on June 26, 2023 and is subject to completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects to maintain its approximate 60.5% ownership of Lucid's outstanding common stock.\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. Prospective investors should read the preliminary prospectus supplement and the accompanying base prospectus in that registration statement and other documents that Lucid has filed or will file with the SEC for information about Lucid and the public offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the base prospectus may be obtained from BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001,...

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