$750 Million Convertible Preferred Investment and $750 Million Delayed Draw Term Loan
NEWARK, Calif., Aug. 5, 2024 -- Lucid Group, Inc. (NASDAQ: LCID) ("Lucid") announced today that it has entered into agreements with its majority stockholder, Ayar Third Investment Company ("Ayar"), an affiliate of the Public Investment Fund ("PIF"), to (i) purchase $750 million of convertible preferred stock via private placement, and (ii) provide for a $750 million unsecured delayed draw term loan facility, subject to certain terms and conditions (the "Delayed Draw Term Loan Facility").
Lucid has not borrowed under the Delayed Draw Term Loan Facility.
The convertible preferred stock sold to Ayar in the private placement will be sold, subject to customary closing conditions, in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
Lucid intends to use the net proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include, among other things, capital expenditures and working capital.
About Lucid Group
Lucid is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $69,900*. Lucid is currently preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company's goal is to accelerate humanity's transition to sustainable transportation and energy through the creation of the most advanced EVs.
* Excludes tax, title, license, options, destination and documentation fees. For U.S. market only.
Investor Relations Contact
investor@lucidmotors.com
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