Lucid Group, Inc. has announced the commencement of a public offering of 262,446,931 shares of its common stock on October 16, 2024. The offering is being made through a preliminary prospectus supplement filed with the SEC. Concurrently, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), has agreed to purchase 374,717,927 shares in a private placement at the same price as the public offering, subject to customary closing conditions. This move is expected to maintain Ayar's approximately 58.8% ownership of Lucid's outstanding common stock. BofA Securities is acting as the sole underwriter for the public offering. Lucid has also provided preliminary financial results for the quarter ended September 30, 2024, estimating revenues between $199 million and $200 million, and a...Show More

Lucid Group, Inc. has announced the commencement of a public offering of 262,446,931 shares of its common stock on October 16, 2024. The offering is being made through a preliminary prospectus supplement filed with the SEC. Concurrently, Lucid's majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), has agreed to purchase 374,717,927 shares in a private placement at the same price as the public offering, subject to customary closing conditions. This move is expected to maintain Ayar's approximately 58.8% ownership of Lucid's outstanding common stock. BofA Securities is acting as the sole underwriter for the public offering. Lucid has also provided preliminary financial results for the quarter ended September 30, 2024, estimating revenues between $199 million and $200 million, and a loss from operations between $765 million and $790 million. The company reported having approximately $5.16 billion in total liquidity, including cash, cash equivalents, and available credit facilities. During the quarter, Lucid produced 1,805 vehicles and delivered 2,781 vehicles. The final financial results will be included in Lucid's Quarterly Report on Form 10-Q once finalized. The net proceeds from the public offering and private placement are intended for general corporate purposes, which may include capital expenditures and working capital.