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Lucid Group | SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-The Public Investment Fund(63.95%),Turqi A. Alnowaiser(63.72%), etc.

SEC announcement ·  Apr 3 04:52
Summary by Futu AI
On March 29, 2024, Lucid Group, Inc. announced a significant investment by the Public Investment Fund of Saudi Arabia (PIF) through its subsidiary, Ayar Third Investment Company. The investment involved the purchase of 100,000 shares of Series A Convertible Preferred Stock at $10,000 per share, totaling $1 billion. This strategic move, part of a private placement, allows the Convertible Preferred Stock to be converted into approximately 278.15 million shares of Lucid Group's Class A common stock at an initial conversion price of $3.5952 per share. The PIF, along with co-managers Turqi A. Alnowaiser and Yasir Alsalman, now collectively hold a significant stake in Lucid Group, with shared voting power over 1.65 billion shares, representing approximately 63.95% of the company's issued and outstanding common stock. The investment...Show More
On March 29, 2024, Lucid Group, Inc. announced a significant investment by the Public Investment Fund of Saudi Arabia (PIF) through its subsidiary, Ayar Third Investment Company. The investment involved the purchase of 100,000 shares of Series A Convertible Preferred Stock at $10,000 per share, totaling $1 billion. This strategic move, part of a private placement, allows the Convertible Preferred Stock to be converted into approximately 278.15 million shares of Lucid Group's Class A common stock at an initial conversion price of $3.5952 per share. The PIF, along with co-managers Turqi A. Alnowaiser and Yasir Alsalman, now collectively hold a significant stake in Lucid Group, with shared voting power over 1.65 billion shares, representing approximately 63.95% of the company's issued and outstanding common stock. The investment agreement includes a 12-month lock-up period during which Ayar cannot sell or dispose of the stock without Lucid Group's consent. The deal also grants Ayar certain registration rights and imposes restrictions on Lucid Group's ability to declare dividends or repurchase shares unless all accumulated and unpaid dividends on the Convertible Preferred Stock have been declared. This transaction is part of a series of amendments to the initial Schedule 13D filed in 2021 and subsequent amendments, reflecting the evolving relationship between Lucid Group and the PIF.

This announcement is a separate document:

Doc 1

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