Lucid Group, Inc. announced the offering of 262,446,931 shares of its Class A common stock. The shares are listed under the symbol 'LCID' on the Nasdaq Global Select Market. The last reported sale price of Lucid's common stock on October 16, 2024, was $3.28 per share. Concurrently with this public offering, Ayar Third Investment Company ('Ayar'), an affiliate of the Public Investment Fund ('PIF') and a majority stockholder, indicated its intention to purchase 374,717,927 shares of Lucid's common stock in a private placement at the same price per share paid by the underwriter, BofA Securities, Inc. This private placement is referred to as the 'Ayar Investment' and is contingent upon the completion of the public offering and other customary closing conditions. The underwriter...Show More

Lucid Group, Inc. announced the offering of 262,446,931 shares of its Class A common stock. The shares are listed under the symbol 'LCID' on the Nasdaq Global Select Market. The last reported sale price of Lucid's common stock on October 16, 2024, was $3.28 per share. Concurrently with this public offering, Ayar Third Investment Company ('Ayar'), an affiliate of the Public Investment Fund ('PIF') and a majority stockholder, indicated its intention to purchase 374,717,927 shares of Lucid's common stock in a private placement at the same price per share paid by the underwriter, BofA Securities, Inc. This private placement is referred to as the 'Ayar Investment' and is contingent upon the completion of the public offering and other customary closing conditions. The underwriter has agreed to purchase the shares at a set price, resulting in net proceeds for Lucid Group, Inc. The underwriter may sell the shares through various market transactions and has the option to purchase up to 39,367,040 additional shares to cover overallotments. The offering and the Ayar Investment are expected to settle around 2024, with the specific date and aggregate purchase price to be announced. The Ayar Investment is not part of the public offering and is in addition to the shares sold in the public offering. Investing in Lucid's common stock involves certain risks, which are detailed under the heading 'Risk Factors' in the prospectus supplement.