Summary by Futu AI
On August 4, 2024, Lucid Group, Inc. entered into a significant financial agreement with Ayar Third Investment Company, an affiliate of the Public Investment Fund and Lucid's majority shareholder. The agreement involves a private placement where Ayar will purchase 75,000 shares of Lucid's Series B Convertible Preferred Stock for $750 million. This transaction is expected to close within 10 business days, subject to standard closing conditions. The Convertible Preferred Stock will be convertible into approximately 171.24 million shares of Lucid's Class A common stock, representing about 7% of the outstanding common stock, at an initial conversion price of $4.3799 per share. The agreement also includes transfer restrictions for Ayar, barring the sale or disposal of the preferred or common stock for 12 months post-closing, with...Show More