Transaction Highlights
- Raised $975.0 million gross proceeds through a new offering of convertible senior notes due in November 2031
- Has agreed to repurchase approximately $755.7 million principal amount of existing 1.25% convertible notes due in 2026
NEWARK, Calif., Nov. 17, 2025 -- Lucid Group, Inc. (Nasdaq: LCID), maker of the world's most advanced electric vehicles, today announced the closing of $975.0 million aggregate principal amount of convertible senior notes due 2031, including the exercise in full of the option granted to the initial purchasers to purchase up to $100.0 million aggregate principal amount of notes.
"The successful completion of this offering has further strengthened our balance sheet and positioned the company for long-term growth while minimizing any impact to our existing shareholders," said Taoufiq Boussaid, Chief Financial Officer at Lucid. "We're grateful for the continued support of our institutional investors and the PIF, who share our vision for a more sustainable future powered by Lucid's industry-leading technology and innovations."
The net proceeds from the offering are approximately $962.4 million, after deducting the initial purchasers' discounts and commissions and estimated offering expenses. Lucid used approximately $752.2 million of the net proceeds to fund repurchases of approximately $755.7 million aggregate principal amount of its outstanding 1.25% convertible senior notes due 2026. Lucid intends to use the remainder of the net proceeds for general corporate purposes.
Lucid may settle conversions in cash, stock, or a combination, giving flexibility to manage potential dilution and cash obligations.
About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and Lucid Gravity SUV deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factories in Arizona and Saudi Arabia. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all.
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