NEWARK,
Calif., Oct. 17, 2024 /PRNewswire/ -- Lucid Group,
Inc. (Nasdaq: LCID; "Lucid") announced today that it priced its
underwritten 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. The public
offering is expected to close on or about October 18, 2024, subject to customary closing
conditions.
Lucid has granted the underwriter a 30-day option to purchase up
to 39,367,040 additional shares of its common stock.
BofA Securities is acting as the sole underwriter for the
public offering.
In addition, Lucid has entered into an agreement with its
majority stockholder and affiliate of the Public Investment
Fund ("PIF"), Ayar Third Investment
Company ("Ayar"), pursuant to which Ayar has agreed to
purchase 374,717,927 shares of common stock from Lucid in a private
placement, at the same price per share initially paid by the
underwriter in the public offering. The private placement is
expected to close on October 31, 2024
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 58.8% ownership of Lucid's
outstanding common stock. In addition, Ayar has agreed 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 business days after the
underwriter's exercise of its option.
Lucid 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.
The 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
the public offering. Prospective investors should read the
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 prospectus supplement and the base
prospectus may be obtained from BofA Securities, Inc.,
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC
28255-0001, Attn: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of Lucid's common stock, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
About Lucid Group
Lucid is a Silicon Valley-based
technology company focused on creating the most advanced EVs in the
world. Lucid's goal is to accelerate humanity's transition to
sustainable transportation and energy through the creation of the
most advanced EVs.
Investor Relations Contact
investor@lucidmotors.com
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade names
and copyrights of Lucid Group, Inc. and its subsidiaries and other
companies, which are the property of their respective owners.
Forward-Looking Statements
This communication includes "forward-looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"shall," "expect," "anticipate," "believe," "seek," "target,"
"continue," "could," "may," "might," "possible," "potential,"
"predict" or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding plans and expectations with
respect to Lucid's registration statement on Form S-3, use of
proceeds and the closing of the public offering and the private
placement to Lucid's majority stockholder, any potential future
offering or capital raises, the promise of Lucid's technology, and
the goal of Lucid. These statements are based on various
assumptions, whether or not identified in this communication, and
on the current expectations of Lucid's management. These
forward-looking statements are not intended to serve as, and must
not be relied on by any investor as, a guarantee, an assurance, or
a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and may differ
from these forward-looking statements. Many actual events and
circumstances are beyond the control of Lucid. These
forward-looking statements are subject to a number of risks and
uncertainties, including those factors discussed under the heading
"Risk Factors" in Part II, Item 1A. of Lucid's Quarterly Report on
Form 10-Q for the quarter ended June 30,
2024, as well as other documents Lucid has filed or will
file with the SEC. If any of these risks materialize or Lucid's
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Lucid currently does not know or that
Lucid currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so, except as may be
required under applicable securities laws. These forward-looking
statements should not be relied upon as representing Lucid's
assessments as of any date subsequent to the date of this
communication. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
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SOURCE Lucid Group