tm2426052-6_424b5 - none

本初步說明書補充資料的信息並不完整，可能會發生更改。這些證券相關的登記申明已在1933年證券法生效。此初步說明書補充資料及隨附的說明書並不構成銷售這些證券的要約，我們也不在任何不允許提供或銷售的州或其他司法範圍內徵求購買這些證券的要約。

根據424(b)(5)條規定提交
登記號碼 333-282677

根據2024年10月16日製作，待補全

初步招股說明書補充說明書
（截至2024年10月16日的說明書）

262,446,931股

Lucid Group, Inc.

普通股

我們正在提供262,446,931股A類普通股，每股面值為$0.0001（“普通股”）。

我們的普通股在納斯達克全球精選市場（“納斯達克”）以“LCID”標的上市。2024年10月16日，我們的普通股的最後報價為每股$3.28。

此外，我們的大部分股東以及沙特公共投資基金（“PIF”）的聯屬公司Ayar Third Investment Company（“Ayar”）已表示，他們打算根據某些條件，與此次發行同時，在定向增發中以BofA Securities, Inc.（“承銷商”）最初支付的每股價格收購374,717,927股我們的普通股。我們將此定向增發稱為“Ayar投資”。 Ayar已表示其打算從性購我們在Ayar投資中的股份數等於我們在此次發行中所售出的普通股股數，乘以一個比率（“ Ayar投資比率”），其中的分母約為41.2%，向下取至最接近的整股數。在此次發行和Ayar投資後，PIF，通過Ayar直接和間接地預計仍將持有我們約58.8%的已發行普通股（不包括我們已發行的A和B優先股轉換後可轉換為普通股的任何股份）。我們預計於2024年左右結算Ayar投資，總購買價約為$十億，扣除開支。

Ayar Investment並非本次發行的一部分，而是額外的262,446,931股我們在本次發行中正在出售的股份。Ayar Investment的完成取決於本次發行的完成，以及某些其他慣例性結束條件。

承銷商已同意以每股$ 的價格從我們處購買普通股股份，這將使我們淨收益約為$ （假設承銷商不行使下文所述的超額配售選擇權）。

承銷商可能不時以納斯達克、場外市場、通過協商交易或其他時價出售股份在一次或多次交易中，以當時的市價、與當時市價相關的價格或協商價格。承銷商可能通過將普通股出售給經銷商來進行此類交易，這些經銷商可能獲得來自承銷商和/或購買人的折扣、優惠或佣金作為報酬，他們可能作為代理人或作為主要賣方出售普通股。請參閱“承銷”部分。

我們已向承銷商授予購買多達39,367,040股普通股的選擇權，僅用於覆蓋超額配售，在本說明書補充的日期後30天內。Ayar已表示，如果承銷商行使其超額配售權選購我們的普通股，則Ayar打算在Ayar投資中向我們購買相應的額外普通股，數量等於承銷商購買的額外股份乘以Ayar投資比率。

我們的普通股股份將於2024年左右交付。

投資我們的普通股涉及一定風險。您應詳細查看“風險因素”部分中描述的風險和不確定因素，該部分始於頁面 S-8 本招股說明書補充資料以及納入本招股說明書補充資料的文件中所載的內容。

美國證券交易委員會（SEC）和任何州證券委員會均未批准或不批准本證券，也未確定本招股說明書補充資料或隨附的招股說明書是否真實或完整。任何相反陳述均屬犯罪。

美國銀行證券

, 2024

關於此招股說明書補充的說明

本文件包含兩部分。第一部分是本說明書補充，描述了本次發行的具體條款，並對隨附的說明書以及被引用到本說明書補充和隨附說明書中的信息進行了補充和更新。第二部分是隨附的說明書，提供了更多一般性信息，其中一些可能不適用於本次發行。

您應該閱讀本說明書補充和隨附的說明書，以及本說明書補充和隨附的說明書中「您可以獲取更多信息」的標題下描述的額外信息。

如果本說明書補充中的信息與隨附的說明書中的信息或在此或其中所含引用的任何文件中的信息不一致，則以最近日期的文件中所含信息爲準。

我們或承銷商未授權任何人向您提供除本說明書補充或隨附的說明書中包含或引用的信息之外的信息。我們或承銷商沒有在任何不允許此類要約的司法管轄區提出這些證券的要約。

您不應假設本說明書補充、隨附的說明書或任何被引用的文件中的信息截止日期不是適用文件的日期。由於本說明書補充、隨附的說明書以及被引用到本說明書補充和隨附說明書中的文件的各自日期，我們的業務、財務狀況、經營結果和前景可能已經發生變化。

S-ii

在哪裏尋找更多信息

我們已向SEC提交了根據證券法案S-3表格的註冊聲明，涉及本招股說明書提供的普通股。本招股說明書和隨附的招股說明書是該註冊聲明的一部分，其中包含本招股說明書或隨附招股說明書中不包含的額外信息。

SEC允許我們通過參考另一份與SEC單獨提交的文件向您披露重要信息。參考的信息被視爲本文件的一部分，但除本文件中直接包含的信息外。

我們正在通過引用以下列出的申報和根據1934年修改後的《證券交易法》（以下簡稱「交易法」）第13(a)、13(c)、14或15(d)條在特許日期後或發行任何交易終止之前向SEC提交的任何額外文件。

•

我們的2023年12月31日結束的年度報告10-k已於2024年2月27日向SEC提交。

•

我們的季度報告10-Q表格提交給了證券交易委員會，報告截止日期分別爲2024年3月31日和2024年6月30日，提交日期是 2024年5月6日和頁面。2024年8月5日和，分別；

•

特別是被引用並納入我們的信息中 2023年12月31日結束的財年年度報告（1）除去SG&A佔毛利潤的百分比調整外，不考慮上述SG&A的影響。我們於2024年4月25日向美國證券交易委員會提交的14A表格中的決定性代理聲明;

•

我們當前在8-k表格上向證券交易委員會（SEC）提交的報告。 2024年1月26日, 2024年2月15日, 2024年3月25日, 2024年3月29日, 2024年5月6日（僅適用於其中的5.02項）， 2024年5月24日（僅適用於其中的2.05項）， 2024年6月6日, 2024年8月5日和頁面。2024年8月19日; 和

•

在我們於註冊聲明中包含的證券描述中表格8-A（文件編號001-39408），於2021年7月23日向SEC提交以及爲更新該描述而提交的任何修訂或報告，包括展示4.6 我們截至2023年12月31日財年的10-k表年度報告，於2024年2月27日向SEC提交

儘管上述，我們不會將任何文件、文件部分、展品或其他信息，包括根據《現行報告表格8-k》第2.02項和第7.01項視爲向SEC提供而非提交的信息及相關陳列項文件引入參考。如果本說明書補充資料中的信息與隨附的說明書或根據引用的任何文件中包含的信息不一致，應當以最新日期文件中包含的信息爲準。

SEC在www.sec.gov網站上保留了一個網站，通過該網站您可以查閱我們已經向SEC以電子形式提交的這些文件和其他信息。您也可以通過郵寄聯繫我們免費索取這些文件副本，地址爲：加利福尼亞州紐瓦克（Newark），Gateway Boulevard，7373號，收件人：投資者關係，電子郵件：investor@lucidmotors.com ，或者電話：（510）648-3553。通過我們的網站，我們會在文件以電子形式提交給SEC，或提交給SEC後儘快提供免費查閱以下文件：10-K報告年度報告；年度和臨時股東大會的代理聲明；10-Q報告季度報告；8-K表格的目前報告；3、4和5表格和13D表格；以及對這些文件的任何修訂。然而，我們不會向您發送這些文件的展品，除非這些展品已明確納入本說明書補充資料中。包含在我們網站上的信息，或者可以通過我們的網站訪問的信息，不是本說明書補充資料或其所構成部分的註冊報告的一部分，也不被納入其中。

S-iii

有關前瞻性聲明之特別說明

本招股說明書補充及隨附的招股說明書以及納入本招股說明書補充的文件中包含表達我們意見、期望、信念、計劃、目標、假設或預測未來事件或未來結果的陳述，因此可能被視爲根據《1933年證券法修正案》第27A條和《交易法》第21E條的「前瞻性聲明」。前瞻性聲明可能通過使用「估計」、「計劃」、「項目」、「預測」、「打算」、「將」，「應該」、「期望」、「預期」、「相信」、「尋求」、「目標」，「繼續」，「可能」，「或許」，「潛在」，「預測」，「計劃」或其他類似表達預測或指示未來事件或趨勢，或者不是有關歷史事實的聲明。它們出現在本招股說明書補充及納入該招股說明書補充的文件及隨附的招股說明書的衆多部分，包括但不限於，關於我們意圖、信念或當前預期的聲明，涉及經營業績、財務狀況、流動性、資本支出、前景、增長、產量、戰略以及我們所在市場，包括財務和運營指標的預期、市場機會、市場份額和產品銷售的預測，商業產品發佈的預期和時間安排，未來戰略和產品，包括關於能量存儲系統和汽車合作伙伴關係的方面，技術、製造能力和設施，工作室開業、銷售渠道和策略，未來車輛項目、擴張以及我們直銷策略的潛在成功，我們的財務和運營前景，未來市場發佈和國際擴展，包括沙特阿拉伯製造設施及相關的時間安排和價值對我們的需求額外融資等方面的聲明。這樣的前瞻性聲明是基於當前的市場材料和我們對未來發展的當前預期、信念和預測。可能影響此類前瞻性聲明的因素包括：

•

國內外商業、市場、金融、政治和法律狀況的變化，包括政府關閉銀行和其他金融機構對流動性的擔憂，可能出現全球經濟衰退或其他衰退以及全球衝突或其他地緣政治事件；

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與我們產品和服務的整體需求變化以及取消我們車輛訂單相關的風險；

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與我們可贖回的可轉換優先股相關的風險；

•

與商品價格和供應情況、我們的供應鏈、物流、庫存管理和質量控制、以及我們能否及時完成製造設施的工裝並擴大Lucid Air和其他車輛生產規模相關的風險；

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與我們預測的財務信息不確定性相關的風險；

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與預期業務里程碑和商業產品發佈時間相關的風險；

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與擴大我們的製造設施、建設新的製造設施和增加生產能力相關的風險；

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我們管理費用和控制成本的能力；

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與我們產品未來市場採納相關的風險；

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競爭的影響以及電動車普遍採用的速度和深度對我們業務的影響；

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監管要求、政府激勵措施以及燃油和能源價格的變化；

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我們快速創新的能力；

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我們與原始設備製造商、供應商和科技提供商建立或保持合作的能力，包括我們實現與阿斯頓馬丁交易預期收益的能力；

•

我們有效管理增長並招募和留住關鍵員工的能力，包括我們的首席執行官和執行團隊；

S-iv

•

與潛在車輛召回相關的風險；

•

我們建立和擴大品牌、爭取額外市場份額的能力，以及負面報道或聲譽損害帶來的風險；

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我們有效利用零排放車輛積分並獲得和利用某些稅收和其他激勵的能力；

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我們將來進行股權、與股權掛鉤的交易或債務融資的能力；

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我們有能力支付我們的債務利息和本金；

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未來對車輛規格的任何更改可能會影響性能、定價和其他期望；

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任何潛在訴訟、政府和監管程序、調查和詢問的結果；

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本次發行款項的預期使用方式；和

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本招股說明書補充或我們向美國證券交易委員會提交的其他文件中披露的其他因素。

本招股說明書中包含的前瞻性陳述以及納入本招股說明書中的參考文件，是基於我們當前對未來發展及其對我們業務可能產生的影響的期望和信念。我們無法保證影響我們業務的未來發展將是我們預期的那些。這些前瞻性陳述涉及一系列風險、不確定性（有些超出我們的控制範圍）或其他假設，這些因素可能導致實際結果或業績與這些前瞻性陳述中表達或暗示的結果有實質不同。這些風險和不確定性包括但不限於，在本招股說明書中描述的那些因素和我們年度報告第10-k表所述的那些因素，這些因素已被納入參考，在本招股說明書中可能進行更新並在我們向美國證券交易委員會提交的文件中可能進行更新。如果這些風險或不確定性中的一個或多個成爲現實，或者其中任何假設被證明不正確，實際結果可能在實質上與這些前瞻性陳述中預測的結果有所不同。我們當前可能不知道或當前認爲不重要的其他風險也可能導致實際結果與前瞻性陳述中包含的結果有所不同。此外，前瞻性陳述反映我們對未來事件、計劃或預測的期望，以及截至本招股說明書日期的看法。我們預計隨後的事件和發展將導致我們的評估發生變化。然而，雖然我們可能選擇在將來某個時間更新前瞻性陳述，但我們沒有義務在適用證券法要求的情況下更新或修改任何前瞻性陳述，無論是基於新信息、未來事件或其他原因。這些前瞻性陳述不應被視爲代表本招股說明書日期後任何日期的我們的評估。

S-v

概要

本摘要突出展示了選定信息，並不包含可能對您重要的所有信息。本摘要在其整體上均受這份招股說明書補充和附隨招股說明書中包含或引用的更詳細信息的限制。在就我們的證券做出投資決定之前，您應仔細閱讀本招股說明書補充、附隨招股說明書以及「您可以找到更多信息的地方」中描述的引用文件。

關於贉智

我們是一家以創造卓越體驗推動世界發展爲使命的科技公司。我們專注於公司內部硬件和軟件創新、垂直整合，以及對工程學和設計採取「白紙」方法，已經導致了獲獎的Lucid Air等產品的推出。

我們通過我們的零售銷售網絡直接向消費者銷售車輛，並通過直接在線銷售進行銷售，包括通過Lucid Financial Services進行銷售。我們認爲擁有自己的銷售網絡提供了管理客戶體驗、收集直接客戶反饋並確保客戶互動符合我們客戶需求的機會。我們擁有並運營着由各大主要都市地區的服務中心和一隊移動服務車輛組成的車輛服務網絡。除了我們的內部服務能力外，我們建立並不斷髮展了一份經過批准的特訓碰撞修復車間名單，這些車間有時還作爲我們移動服務提供的修復樞紐。

2021年10月我們開始向客戶交付Lucid Air，並計劃在未來十年推出更多車型。我們已將Lucid Air 的技術進步應用和擴展到Lucid Gravity 運動型多用途車（SUV），預計將於2024年底開始生產。在Lucid Air 和 Lucid Gravity SUV 之後，我們Midsize平台的生產計劃於2026年底開始。

最近的發展

初步財務結果和運營信息

儘管我們截至2024年9月30日的季度財務結果尚未最終確定，但我們預計我們的財務結果和某些運營信息將落在以下範圍內。

	季度結束 2024年9月30日
	低			高中
	（以千爲單位）
損益表資料：
營業收入		$	199,000		$	200,000
經營虧損		$	(765,000)		$	(790,000)
資產負債表數據：
現金及現金等價物（期末餘額）		$	1,893,000		$	1,894,000
期末長期負債		$	2,000,800		$	2,000,800

截至2024年9月30日，我們擁有約51.6億美元的總流動性資產，其中包括（i）大約40.27億美元的現金、現金等價物和投資餘額，（ii）我們的DDTL信貸額度下有7.5億美元（在本招股書中「資本結構」一節有定義），（iii）我們的ABL信貸額度下有約1.6億美元可用，（iv）我們的GIb信貸額度下有約2.19億美元可用（在本招股書中「資本結構」一節有定義）。我們的ABL信貸額度（在本招股書中「資本結構」一節有定義）可用性取決於可借貸資產的價值。

此外，在截至2024年9月30日的季度，我們生產了1,805輛車，交付了2,781輛車，其中約8%按照經營租賃會計處理。

S-1

包括初步財務和運營信息

此招股書補充材料中包含的初步財務結果和運營信息由我們的管理層編制和承擔責任。KPMG LLP未對本招股書補充材料中包含的初步財務結果和運營信息進行審計、審核、檢查、編制或應用約定程序，因此，KPMG LLP不會就此發表意見或其他形式的保證。本文件引用的KPMG LLP報告涉及我們之前發佈的財務報表，不涵蓋本招股書補充材料中包含的初步財務結果和運營信息，也不應被視爲包含在內。

上述初步財務結果需待我們尚未完成的財務結賬程序完成。2024年9月30日結束的本季度實際財務結果將在本次發行完成後才會公佈，可能與這些估算有所不同。例如，在準備相應財務報表及相關附註的過程中，可能會發現需要對上述初步財務結果進行調整的附加項目。雖然我們預計2024年9月30日結束的本季度實際結果不會與上述初步財務結果有實質差異，但無法保證這些估算會實現，各種風險和不確定性可能會影響這些估算，其中許多不在我們的控制範圍內。請參閱「風險因素」和「前瞻性聲明特別注意事項」。

公司信息

Lucid Group，Inc.是一家特拉華州公司。我們的主要行政辦公室位於加利福尼亞州紐瓦克市Gateway Boulevard 7373號，電話號碼爲（510）648-3553。我們在https://www.lucidmotors.com 上維護一個網站。我們網站上的信息不被引用於本招股書補充材料或其附隨招股書，並且您不應視其爲本招股書補充材料或其附隨招股書的一部分。

受控公司豁免

截至2024年9月30日，PIF通過Ayar直接和間接持有超過50%的選舉我們董事的表決權。因此，我們符合納斯達克規定的「受控公司」定義，並因此有資格獲得對某些公司治理要求的豁免。我們的股東沒有與受此類要求約束的公司的股東相同的保護。Ayar目前還有能力提名我們董事會的九名董事中的五名。Ayar是PIF的關聯方。

S-2

本次發行

以下是本次發行的某些條款的簡要總結。有關本次發行的普通股條款的更完整描述，請參閱隨附招股說明書的「股本股份描述」部分。

任何投資於我們的普通股都涉及高度風險。您應該仔細考慮本招股說明書中「風險因素」部分的信息，該部分從第一頁開始。 S-8 本招股說明書附錄和我們《第10-Q表格季度報告》涵蓋截至2024年6月30日三個月的「風險因素」，以及本招股說明書和隨附招股說明書中包含或引用的其他信息。本招股說明書附錄和我們在2024年6月30日結束的三個月內的《10-Q表格季度報告》的「風險因素」，以及本招股說明書和隨附招股說明書中包含或引用的其他信息。，以及包括或通過引用包含在本招股說明書附錄和隨附招股說明書中的其他信息。

處置

Lucid Group，Inc.，是一家特拉華州的公司。

我們發售的普通股

我們的普通股有262,446,931股。

購買額外普通股的選擇權

承銷商有權購買多達39,367,040股額外的普通股，僅用於彌補超額配售。承銷商可以在本招股說明書補充的日起的30天內隨時行使這一超額配售選擇權。

Ayar投資

Ayar已表示他們打算在本次發行同時與私募股權定向增發以相同價格每股初始支付給本次發行承銷商的條件下，購買我們的374,717,927股普通股。我們將此私募稱爲「Ayar投資」。Ayar表示他們打算從我們這裏購買的股份數量等於我們在本次發行中出售的普通股數，乘以一個比例，分子約爲58.8％，這是PIF（不包括任何按轉換未來可轉換優先股所得普通股）直接和間接通過Ayar擁有的優先股數佔截至2024年9月30日的總普通股數的百分比約爲41.2％，向下舍入到最近的整數股數。在此次發行和Ayar投資的銷售之後，預計PIF（直接和間接通過Ayar）將持有約58.8％的我們的優先股數（不包括任何按轉換未來可轉換優先股所得的普通股）。我們預計將於2024年前後結算Ayar投資，以約億美元的總購買價格。

Ayar投資不是此次發行的一部分，並且是與我們在此次發行中出售的262,446,931股股票額外的。Ayar投資的完成取決於此次發行的完成以及某些其他慣例的收盤條件。

Ayar已表示，如果承銷商行使其超額配售選擇權購買額外的我公司普通股股份，他們打算在Ayar投資中購買額外的我公司普通股股份，數量相等

S-3

根據承銷商購買的額外股份數量乘以Ayar投資比率。

Ayar在Ayar投資中購買的我公司普通股將受到我們現有的投資者權益協議的約束，該協議可能不時進行修正（「投資者權益協議」），包括將此類股票列入我們提交的再銷註冊聲明的要求。

在本次發行和Ayar投資後，普通股將成爲未來的流通股。

我們普通股的股數爲2,974,683,400股（如果承銷商完全行使超額配售選擇權購買額外股份，並且Ayar按照本招股說明書中描述的比例購買其額外股份，則爲3,070,258,129股）。

資金用途

我們打算將本次發行和Ayar投資所得淨收益用於一般企業用途，可能包括資本支出和營運資金等其他用途。請參閱第"用途"頁面。 S-13.

納斯達克全球精選市場普通股的股票代碼
股票

「LCID.」

風險因素

投資我們的普通股涉及風險。請參閱本募集概要中的「風險因素」和我們的2024年6月30日結束的第10-Q表格中的「風險因素」，以及本募集概要中或參考其內的其他信息和隨附招股說明書，討論您在決定是否投資我們的普通股時應仔細考慮的因素。季度報告-2024年6月30日結束的三個月，以及本募集概要和附帶招股說明書中包含或轉入的其他信息，討論在決定投資我們的普通股之前您應該仔細考慮的因素。 Equiniti Trust Company。

過戶代理和註冊代理

Equiniti Trust Company。

除非有特別說明或者上下文另有要求，上述信息截至2024年9月30日，不考慮2024年9月30日後任何股票期權或受限制的股票單位（「RSUs」）獎勵，亦不包括2024年9月30日後股票期權或逐筆明細的行使，以及RSUs結算之情形。

•

4435萬股我們的普通股可由於2024年9月30日之前未行使的逐筆明細而發行，每股行使價爲11.50美元；

•

28845241股我們的普通股可由於2024年9月30日之前未行使的股票期權而發行，帶有1.86美元的加權平均行使價；

•

116174433股RSUs在2024年9月30日未結算；

•

51144960股我們公司普通股保留供未來根據Lucid Group, Inc. 修訂後的2021年股權激勵計劃（包括附屬的Lucid Group, Inc. 2021員工股票購買計劃）發行，截至2024年9月30日；

•

可轉換爲其1.25%到期於2026年的可轉換高級票據（「2026可轉換票據」）而發行的高達36,737,785股普通股；

•

可轉換爲普通股的291,019,450股，可根據我們的A系列可轉債發行；

•

可轉換爲普通股的173,206,009股，可根據我們的B系列可轉債發行。

除另有說明外，本招股說明書補充的所有信息均假定承銷商未行使其超額配售選擇購買額外股份。

S-4

彙總歷史的合併基本報表數據

Lucid截至2023年、2022年和2021年12月31日的摘要歷史合併經營數據，以及截至2023年和2022年12月31日的摘要歷史合併資產負債表數據，均源自已納入本招股說明書的Lucid已審計合併財務報表。Lucid截至2024年和2023年6月30日的摘要歷史簡表合併經營數據，以及截至2024年6月30日的摘要歷史簡表合併資產負債表數據，均來源自Lucid已納入本招股說明書的未經審計中期簡表合併財務報表。以下所列的未經審計中期簡表合併財務數據是按照我們已審計年度合併財務報表的相同基礎編制的，並且在Lucid管理層的意見中，經過所有必要的調整，僅包括必要的常規調整，以公平陳述此類數據。

Lucid的歷史結果未必能反映未來任何其他時期可能預期的結果，Lucid截至2024年6月30日的六個月結果也未必能反映預期將於2024年12月31日或其他任何時期實現的結果。以下數據應與「風險因素」、「資本結構」、「管理對財務狀況和經營結果的討論」以及歷史合併財務報表和附註一起閱讀，完全受到參考，“SEC已納入本招股說明書的報告。歷史合併財務報表等內容中包括更詳細的關於以下數據信息呈現基礎的信息。

	銷售額最高的六個月 6月30日						截至財政年度, 12月31日，
	2024			2023			2023			2022			2021
	（未經審計）
	（以千爲單位，除每股數據和股數外）
營業收入
費用和支出(1)		$	373,321		$	300,306		$	595,271		$	608,181		$	27,111
收入成本			875,151			1,056,329			1,936,066			1,646,086			154,897
研究和開發			571,797			463,277			937,012			821,512			750,185
銷售，一般和行政費用 10022 10042 administrative			423,477			366,518			797,235			734,574			652,475
重組費用			20,228			24,028			24,546			—			—
總成本和費用			1,890,653			1,910,152			3,694,859			3,202,172			1,557,557
經營虧損			(1,517,332)			(1,609,846)			(3,099,588)			(2,593,991)			(1,530,446)
其他收入（費用）淨額
遠期合同公允價值變動			—			—			—			—			(454,546)
Change in fair value of convertible preferred stock warrant liability			—			—			—			—			(6,976)
普通股權利金責任公允價值變動			34,593			1,331			86,926			1,254,218			(582,760)
關聯方股權證券公允價值變動			(29,323)			—			5,999			—			—
與A系可贖回優先股（關聯方）相關的衍生負債公允價值變動			103,000			—			—			—			—
交易成本支出			—			—			—			—			(2,717)
利息收入			105,184			79,530			204,274			56,756			—
利息費用			(14,174)			(13,798)			(24,915)			(30,596)			(1,374)
其他收入(支出)，淨額			(6,074)			(261)			(90)			9,532			(893)

S-5

	銷售額最高的六個月 6月30日						截至財政年度結束， 12月31日，
	2024			2023			2023			2022			2021
	（未經審計）
	(以千爲單位，股數和每股數字除外)
總其他收入（費用），淨額			193,206			66,802			272,194			1,289,910			(1,049,266)
稅前虧損			(1,324,126)			(1,543,044)			(2,827,394)			(1,304,081)			(2,579,712)
所得稅費用			123			716			1,026			379			49
淨虧損			(1,324,249)			(1,543,760)			(2,828,420)			(1,304,460)			(2,579,761)
與發行E系可轉換優先股相關的視作股利			—			—			—			—			(2,167,332)
Series A可贖回可轉換優先股的增值			(150,762)			—			—			—			—
淨損失歸屬於普通股股東,基本			(1,475,011)			(1,543,760)			(2,828,420)			(1,304,460)			(4,747,093)
可轉換認股權證公允價值變動			—			—			—			(1,254,218)			—
普通股股東的淨虧損，攤薄後			(1,475,011)			(1,543,760)			(2,828,420)			(2,558,678)			(4,747,093)
加權平均股本用於計算淨損失每普通股股東應占的份額股東，基本			2,306,209,050			1,871,884,313			2,081,772,622			1,678,346,079			740,393,759
加權平均股本用於計算每股淨虧損的普通股股東應占股份份額股東，攤薄後			2,306,209,050			1,871,884,313			2,081,772,622			1,693,258,608			740,393,759
每股基本普通股股東應占淨虧損		$	(0.64)		$	(0.82)		$	(1.36)		$	(0.78)		$	(6.41)
每股稀釋後歸屬於普通股東的淨虧損		$	(0.64)		$	(0.82)		$	(1.36)		$	(1.51)		$	(6.41)
其他綜合收益（損失）
投資的未實現損益（稅後）		$	(4,219)		$	1,036		$	12,669		$	(11,572)		$	—
外幣兌換調整			(4,790)			586			3,753			—			—
其他總綜合收益（虧損）			(9,009)			1,622			16,422			(11,572)			—
綜合虧損		$	(1,333,258)		$	(1,542,138)		$	(2,811,998)		$	(1,316,032)		$	(2,579,761)
與發行E系列可轉換優先股相關的被視爲股息		$	—		$	—		$	—		$	—		$	(2,167,332)
Series A可贖回可轉換優先股的增加		$	(150,762)		$	—		$	—		$	—		$	—
普通股東綜合虧損		$	(1,484,020)		$	(1,542,138)		$	(2,811,998)		$	(1,316,032)		$	(4,747,093)

S-6

風險因素

購買我們的普通股份涉及高度風險。在做出投資決定之前，您應該仔細考慮以下風險因素，除了上文「有關前瞻性聲明的特別說明」中討論的風險和不確定性外，還應考慮我們描述的風險因素以及季度報告-2024年6月30日結束的三個月，以及本募集概要和附帶招股說明書中包含或轉入的其他信息，討論在決定投資我們的普通股之前您應該仔細考慮的因素。，以及包含在此招股說明書或附屬招股說明書中或引用的其他信息。這些風險因素中所描述的一個或多個事件或情況的發生，單獨或與其他事件或情況結合，都可能對我們的業務、現金流、財務狀況和運營結果產生不利影響。我們可能面臨目前不爲人知或目前認爲不重要的額外風險和不確定性，這也可能損害我們的業務或財務狀況。

與本發行及我們的普通股有關的風險

我們對本次發行的淨收益的使用擁有廣泛的自由裁量權，可能會以您不同意的方式投資或支出該收益，並且可能會產生您的投資未獲回報的方式。

我們的管理層將在使用本次發行的淨收益方面擁有廣泛的自由裁量權。您將無法作爲投資決策的一部分來評估資金是否被有效使用。我們的管理層可能不會把淨收益或我們現有的現金以最終增加您的投資價值的方式運用。如果我們未能將本次發行或現有現金的淨收益以增加股東價值的方式投資或運用，可能無法達到預期的結果，從而導致我們股價下跌。在使用這些款項之前，我們可能會將本次發行的淨收益投資於收益微不足道的美國短期國債。這些投資可能無法給我們的股東帶來有利的回報。

發行額外股份，或其他權益或與權益掛鉤的證券，或大量出售我們的普通股，可能會壓低我們的普通股市場價格。

未來發行我們的普通股或可轉換爲或行使爲我們普通股的證券可能會壓低我們的普通股市場價格，並對我們的普通股持有人造成重大稀釋。行使我們未解行權證和期權，解權和支付我們的RSU，或是轉換我們的2026年可轉換票據或可贖回可轉換優先股將導致對我們的普通股持有人額外的稀釋。同樣地，如果根據我們的可贖回可轉換優先股的條款，我們被允許並選擇以提供我們普通股來履行相關義務，那麼贖回或回購我們的可贖回可轉換優先股可能會對我們的普通股持有人造成額外的稀釋。未來，我們可能會發行更多的普通股，或者與籌集額外資本、未來收購、償還未清債務、根據我們的激勵計劃或其他原因相關的可轉換爲或行使爲普通股的證券。

我們普通股的市場價格可能會因大量普通股的大規模賣出而下跌，尤其是由我們的重要股東、大量普通股供應增加或市場上認爲大量普通股持有人打算出售他們的股份而導致價格下跌。

此外，根據投資者權益協議，Ayar和其他某些相關方有權獲得包括要求登記、跟隨登記和貨架登記在內的某些登記權，涉及其普通股股份（包括Ayar持有的可贖回可轉換優先股下的普通股股份）以及Ayar的可贖回可轉換優先股股份。如果根據投資者權益協議提交的任何登記聲明或通過其他途徑，其中一個或多個股東打算出售他們持有的大部分證券，包括轉換、贖回或回購我們的可贖回可轉換優先股股份的任何普通股，都可能導致我們的普通股交易價格下跌。此外，鑑於Ayar在我們的普通股和可贖回可轉換優先股所有權的集中度很高，如果Ayar選擇在公開市場或定向增發交易中出售，可能會增加我們股價的波動性或對我們的普通股價格施加重大下行壓力。根據認購協議

S-8

對於可贖回可轉換優先股，Ayar已同意在該等交易結束後的十二個月期間對其持有的根據該等條款發行的可贖回可轉換優先股或任何普通股的出售或轉讓設定限制。然而，在鎖定期限到期後，Ayar將不受限於出售相應證券，除了適用的證券法規。

我們打算在本次發行的承銷協議簽署同時與Ayar進入第五項投資者權益協議修正案（"第五項IRA修正案"）。根據擬議的第五項IRA修正案，Ayar將有權利得到某些登記註冊權利，包括要求、附屬和掛牌登記權利，涉及Ayar在Ayar投資中購買的任何普通股。如果其中一名或多名股東出售他們持有的大量股份，可能會導致我公司普通股的交易價格下降。在Ayar投資結束後的120天內，Ayar將受到關於我們的普通股或其他股權證券的合約鎖定限制。請參閱「Ayar投資」。

證券或行業分析師可能不出版或停止出版有關我們、我們的業務、我們的市場的研究或報告，或者對我們的普通股作出不利的推薦更改，這可能會導致我們的普通股價格和交易量下降。

我們的普通股交易市場可能會受到行業或證券分析師可能就我們、我們的業務與運營、我們的市場或我們的競爭對手發佈的研究和報告的影響。

同樣地，如果我們所涵蓋的任何分析師更改其關於我們的股票的不利推薦，或對我們的競爭對手提供更有利的相對推薦，我們的普通股價格可能會下降。如果覆蓋我們的任何分析師停止覆蓋我們或未能定期發佈有關我們的報告，我們可能會在金融市場失去可見性，這可能導致我們的股價或交易量下降。

我們普通股的價格波動幅度較大，這種波動可能會對我們普通股的市場價格產生負面影響。

我們普通股的交易價格大幅波動。我們普通股的交易價格取決於許多因素，包括本「風險因素」部分中其他地方描述的許多因素，其中許多因素超出了我們的控制範圍，可能與我們的業績無關。這種波動可能導致投資者失去對我們普通股的全部或部分投資，因爲投資者可能無法按照投資時購買的價格出售這些股票，或者價格不高於購買價格。下列因素中的任何因素都可能對您對我們普通股的投資產生重大不利影響，我們的普通股可能以明顯低於您購買價格的價格交易。在這種情況下，我們普通股的交易價格可能無法恢復，並可能進一步下跌。

影響我們普通股交易價格的因素可能包括：

•

總體股市的市場情況，或者我們行業板塊的市場情況；

•

我們季度財務或經營業績的實際或預期波動，或被視爲與我們類似的公司的季度財務或經營業績的波動；

•

市場對我們的經營業績的期望變化；

•

公衆對我們的新聞稿、其他公告和提交給證監會的文件的反應;

•

公衆對我們可能不時公開披露的單位預訂數量、財務預測和任何其他指南或指標的反應;

•

媒體或投資社區的猜測；

•

我們業務、競爭對手業務或整體競爭格局中的實際或預期發展;

•

在特定時期，營運結果未能達到證券分析師或投資者的預期；

S-9

•

我們業務計劃下目標的實現時間以及我們在此過程中發生的成本的時間和數額;

•

金融分析師關於我們或市場整體的財務預測和建議的變化;

•

其他公司的運營和股價表現，投資者認爲與我們相媲美;

•

影響我們業務的法律法規的變化;

•

我們開始或參與與我們有關的訴訟或調查;

•

我們資本結構的變化，比如未來發行證券或增加額外債務;

•

我們可供公開出售的普通股數量，包括2026年可轉換票據或可贖回可轉換優先股轉換的結果;

•

我們董事會或管理層發生任何重大變化;

•

董事、高管或重要股東大量拋售我們普通股，或者存在這種拋售可能性的看法；

•

一般經濟和政治狀況，如衰退、利率、通貨膨脹、政府關閉銀行、其他金融機構的流動性擔憂、外匯匯率波動、戰爭或恐怖主義行爲、自然災害；以及

•

本部分「風險因素」中列出的其他風險因素。

廣泛的市場和行業因素可能嚴重損害我們證券的市場價格，而與我們的經營表現無關。股票市場一般而言以及納斯達克曾經體驗到極端的價格和成交量波動，這些波動經常與所影響的特定公司的經營表現無關或不成比例。這些股票的交易定價和估值，以及我們的證券，可能無法預測。投資者對其他公司股票市場失去信心，這些公司被投資者視爲類似於我們，可能會壓低我們的股票價格，而不考慮我們的業務、前景、財務狀況或經營結果。包括全球衝突或其他地緣政治事件、自然災害，以及任何其他全球性大流行病等廣泛的市場和行業因素，也可能嚴重影響我們普通股和其他證券的市場價格，而不考慮我們實際的經營表現。這些波動在交易後馬上發生的我們股票交易市場中可能更爲顯著。我們證券市場價格下跌也可能不利於我們發行額外證券以及未來獲得額外融資的能力。

此外，股票市場總體以及科技和電動車股票市場特別，經歷了極端的波動，有時與發行者的經營業績無關。我們普通股的交易價格可能會受到第三方的影響，試圖推高或拉低市場價格。開空者和其他人，其中一些人在社交媒體上匿名發佈，可能會獲利，如果我們的股價下跌或表現出波動，他們的活動可能對我們的股價產生負面影響，並增加我們的股價波動。這些廣泛的市場和行業因素可能會嚴重損害我們普通股的市場價格，而不考慮我們的經營表現。此外，持有2026年可轉換票據的持有人的套期保值活動可能會影響我們普通股的市場價格，特別是在與2026年可轉換票據的贖回或2026年可轉換票據的轉換的任何觀察期間。

此外，在過去，在整體市場波動和特定公司證券市場價格波動之後，通常會對這些公司提起證券集體訴訟。如果針對我們提起這種類型的訴訟，可能會導致重大成本和我們管理注意力和資源的分散。在此類訴訟中作出的任何不利裁定或爲解決任何實際或可能存在的訴訟而支付的任何金額可能要求我們作出重大支付。

S-10

我們巨額的負債可能會對我們的財務狀況和我們籌集額外資本以支持業務的能力產生負面影響，並限制我們對經濟變化做出反應的能力。

我們是一家高度槓桿化的公司。截至2024年9月30日，我們及我們的子公司約有$20.5億的負債，而我們及我們的子公司在現有貸款協議和信貸措施下大約有$11億的可用額度，但受到特定契約的限制。

我們巨額的負債可能對您造成重要影響。例如，它可能會:

•

增加我們對一般不利的經濟和行業條件的脆弱性；

•

要求我們將經營現金流的相當一部分用於償還債務，從而減少我們用於資金週轉、資本支出和其他一般公司用途的現金流可用性。

•

限制我們在計劃或應對業務和所在行業變化方面的靈活性；

•

與負債較少的競爭對手相比，將我們置於競爭劣勢；並

•

限制我們獲取額外融資以用於營運資金、資本支出、收購或一般公司用途的能力；

根據適用的納斯達克規則，我們是「控制公司」，因此有資格豁免某些公司治理要求。我們的股東將沒有與非控制公司股東同等的保護措施；

截至2024年9月30日，PIF通過Ayar直接和間接持有超過50％的董事選舉表決權。因此，根據納斯達克規則的含義，我們是「控制公司」，因此有資格豁免某些公司治理要求。按照這些規則，如果一個公司50％以上的董事選舉表決權由個人、團體或另一家公司持有，那麼該公司將是「控制公司」，並且可以選擇不遵守某些公司治理要求，包括：（a）董事會中獨立董事的大多數；（b）完全由獨立董事組成的提名委員會；（c）由獨立董事的大多數或完全由獨立董事組成的薪酬委員會確定高管的薪酬；及（d）董事提名者由董事會的大多數獨立董事或完全由獨立董事組成的提名委員會選取或推薦選取。儘管目前我們沒有利用這些豁免條款，但只要我們保持爲「控制公司」，我們可以選擇利用其中一個或多個這些豁免條款。結果，我們的股東可能無法獲得納斯達克公司治理要求所提供的與所有股東同等的保護措施。 Ayar還有權提名我們董事會中的九位董事中的五位。

在此期間，只要Ayar持有可贖回的可轉換優先股並由於可贖回的可轉換優先股的同意和表決權，加上與Ayar現有持有公司普通股權益相關的表決權，Ayar擁有顯著影響我們普通股股東投票決定的權力，還能影響影響我們治理和資本結構的某些事務。這種所有權和表決權的集中使Ayar能夠對某些決策產生控制作用，特別是關於治理和資本化事務的事項，包括需要獲得股東批准的事項（例如，根據投資者權益協議，董事的選舉和批准併購或其他重大交易等），而不管其他股東是否認爲該交易符合他們自身的最佳利益。

Ayar的利益可能與我們其他股東的利益不同，因此，Ayar對我們的表決權和影響力可能降低我們其他股東或公司的相對利益。這種表決權的集中也可能會導致延遲、阻礙或阻止控制權變更或其他可能對我們股東有利的商業組合，可能會使我們股東失去獲得其普通股價值溢價的機會作爲我們公司銷售的一部分，並最終影響我們普通股的市場價格。

S-11

稅法變化可能會顯着影響我們的報告收入和現金流量。

我們在不同司法管轄區進行業務運營並擁有資產，受不同稅制約束。稅制的變化，例如減少或取消稅收優惠，或限制利息費用的抵扣，可能對我們的業績和現金流產生重大不利影響。

此外，我們所在國家已同意實施「雙支柱解決方案」的一些方面，這是OECD/G20融合框架倡議的一部分，旨在改革國際稅收政策，並確保跨國公司在經營和盈利地方繳納稅款。「支柱二」通常規定了跨國公司利潤的有效全球最低企業稅率爲15%，適用於至少擁有7.5億歐元收入的跨國公司，並根據各國的情況進行計算。當某個司法管轄區的有效稅率低於15%時，這一最低稅率將適用於任何司法管轄區的利潤。OECD及其成員國仍在努力協調最低稅率的實施。儘管此倡議仍在我們所在國家繼續發展中，但預計將在包括英國和歐盟在內的各司法管轄區於2024年1月1日開始的財政年度生效。任何最低稅率可能對我們的財務狀況、業績和現金流產生負面影響。

我們可能無法利用我們的稅款結轉的大部分份額，這可能會損害我們的盈利能力。

截至2024年1月31日，我們擁有重要的聯邦和州稅款結轉，主要是由於經營虧損以及聯邦和州研究稅收抵免。如果我們無法產生足夠的應稅所得來利用我們的稅款結轉，一些稅款結轉可能會未被使用而無法抵消未來所得稅責任，或者我們可能需要準備用於計提遞延稅資產估值準備，這可能會損害我們的盈利能力。

此外，在以下定義的法典382和383節下，如果我們經歷（或曾經經歷）"所有權變更"，則我們利用淨營運虧損結轉或其他稅收屬性（例如研究稅收抵免）的能力可能會受限。在滾動三年期內，如果持有我們至少5%股份的一個或多個股東或股東集團將其所有權比例增加超過50個百分點，則通常會發生第382節"所有權變更"。州稅法下可能適用類似規定。如果發生"所有權變更"，則法典第382和383節將對我們可以用來減少應納稅所得額的預先所有權變更淨營運虧損結轉和其他稅收屬性的金額施加年度限制，可能導致這些稅收屬性未被使用而過期，可能損害我們的盈利能力。

S-12

CAPITALIZATION

以下表格列出了截至2024年6月30日的現金、現金等價物和短期投資，以及我們的資本化情況：

•

按實際基礎;

•

在經過調整的基礎上，以反映本次發行和Ayar投資（假設承銷商未行使其超額配售選擇購買額外股份），扣除我們需支付的預計發行費用後。

2024年8月4日，我們簽訂了以下協議:

(1)

根據定向增發協議，我們於2024年8月16日與Ayar簽署了一份協議，Ayar購買了我們第b系列可轉換優先股75,000股，總購買價格爲75000萬美元（「b系列定向增發」）;以及

(2)

我們與Ayar簽訂了一份爲期五年的無擔保延遲撥款型信貸授信協議，該協議提供了一個總額爲75000萬美元的延遲撥款型信貸授信額度，截至2024年10月15日，尚無任何未償還的貸款。該協議的到期日爲2029年8月4日，稱之爲「DDTL信貸授信」協議。

以下表格不包括b系列定向增發和DDTL信貸授信。

您應該閱讀本表格，並結合「管理層對財務狀況和經營成果的討論」部分以及我們的合併財務報表及相關附註。公司的《第II部分第7項》年度報告於2023年12月31日結束。和我們的季度報告-2024年6月30日結束的三個月，以及本募集概要和附帶招股說明書中包含或轉入的其他信息，討論在決定投資我們的普通股之前您應該仔細考慮的因素。，並列入本招股說明書補充和隨附的招股說明書中。

	截至2024年6月30日
	實際情況			按調整後
	(未經審計) (以百萬爲單位，除了股份和每股金額和腳註)
現金、現金等價物和短期投資		$	3,216.4		$
長期負債（含流動部分）：
2021年3月25日，我們根據Indenture與美國銀行國家協會作爲受託人發行了到2026會計年度到期的％可轉換高級票據，共計$ 萬美元（「最初票據」），並於2021年4月6日發行了額外的$ 萬美元的總本金餘額（「附加票據」）（共稱「2026可轉換票據」）。2026可轉換票據的總本金餘額爲$ 萬美元。2026可轉換票據將於2026年3月15日到期，除非提前轉換，贖回或回購。(1)			2,012.5
ABL信貸設施(2)			—
GIb信貸額度(3)			68.2
SIDF Loan(4)			—
長期債務總額			2,080.7
可贖回可轉換優先股：
A系列可贖回可轉換優先股，每股面值$0.0001；授權10,000,000股，實際和調整後；實際和調整後已發行和流通100,000股（關聯方）(5)		$	651.3		$
帶權益的面值爲：
普通股，每股面值$0.0001；已授權15,000,000,000股，實際和調整後爲2,319,543,729股已發行和2,318,685,904股流通；實際已發行和流通的股票數和調整後的股票數分別爲股已發行和股流通		$	0.23		$
資本公積		$	15,063.5		$
累計虧損		$	(11,523.0)		$
股東權益合計		$	3,515.9		$
總市值		$	6,247.9		$

S-15

(1)

反映未償本金金額。

(2)

2022年6月，我們與一家銀行聯合組成的貸款銀行組簽訂了一項爲期五年的資產擔保循環信貸協議（「ABL信貸協議」）。截至2024年6月30日，我們沒有未償還款，而在ABL信貸協議下有4840萬美元的信用證未付款。ABL信貸協議規定的初始總本金承諾金額最高達10億美元（包括3.5億美元信用證子議款和1億美元迴旋信貸子議款），該金額的可用性取決於借款基準中資產的價值，並設有2027年6月9日的到期日。

(3)

2022年4月29日，並於2023年3月12日修訂，我們的全資子公司盧西德有限責任公司，一家成立在沙特阿拉伯王國的有限責任公司（「盧西德公司」），簽訂了一項循環信貸協議（「GIb信貸協議」）。 GIb信貸協議規定了總額爲100億沙特里亞爾（約合2.661億美元）的信貸設施。根據GIb信貸協議，貸款期限不得超過12個月。截至2024年6月30日，我們在GIb信貸協議下有26億沙特里亞爾（約合6,820萬美元）的未償還款，記錄在簡單合併資產負債表的其他流動負債中。

(4)

2022年2月27日，Lucid LLC簽訂了貸款協議（「SIDF貸款協議」）。根據SIDF貸款協議，沙特工業發展基金承諾向Lucid LLC提供總額高達51.9億沙特里亞爾（約合14億美元）的貸款。截至2024年6月30日，我們在SIDF貸款協議下沒有未償還的借款。

(5)

反映2024年6月30日A系列可轉換優先股的賬面價值。該表不反映與A系列可轉換優先股相關的衍生負債金額。截至2024年6月30日，A系列可轉換優先股的清償優先權爲10.454億美元。

S-16

根據投資者權益協議的規定，我們有義務爲Ayar提供參與未來股本發行的機會，作爲該發行的購買者，或者在其發行時同時進行定向增發，而在這一過程中，公司或Ayar的條款不得不比適用於該發行的其他購買者的條款差，且購買金額應該足以使Ayar能夠保持其在該股本發行前對我們普通股的按比例所有權，並且令其在該股本發行後按比例所有權維持不變。

Ayar已表示他們打算根據某些條件從我們這裏購買，在與本次發行同時進行的定向增發中以本擬議書補充所規定的這次發行承銷商首次支付的每股價格購買我們公司的共計374,717,927股普通股。我們稱這次定向增發爲「Ayar投資」。Ayar在Ayar投資中同意從我們這裏購買的股數等於我們在此次發行中出售的普通股數量乘以一個比率，其分子約爲58.8％，即PIF擁有的我公司現有普通股的數量（不包括任何要根據未償回可轉換優先股進行換股的普通股），直接和間接通過Ayar計算，佔2024年9月30日止的我公司普通股總數量的百分比，而其分母約爲41.2％，四捨五入到最接近的整數。在此次發行和Ayar投資後，預計PIF將繼續直接和間接通過Ayar擁有我們現有普通股約爲58.8％（不包括任何要根據未償回可轉換優先股進行換股的普通股）。我們預計將於2024年左右結算Ayar投資，購買價格約爲約合十億美元。

Ayar已表示，他們打算在此次發行同時進行的定向增發中，按照本擬議書補充中擬由承銷商首次支付的每股價格，以標價購買我們的374,717,927股普通股，受到某些條件限制。我們將此定向增發稱爲「Ayar投資」。Ayar已同意從我們這裏購買的股票數量等於我們在此次發行中出售的股票數量乘以一個比率，其中分子約爲58.8％，即PIF擁有的我公司現有普通股的數量（不包括任何要根據該未償回可轉換優先股進行換股的普通股），直接和間接通過Ayar計算，佔2024年9月30日止的我公司現有普通股總數量的百分比：而分母約爲41.2％，四捨五入到最接近的整數。在此次發行和Ayar投資後，預計PIF將繼續直接和間接通過Ayar擁有我們現有普通股的約58.8％（不包括任何要根據該未償回可轉換優先股進行換股的普通股）。我們預計將於2024年左右結算Ayar投資，以約十億美元的總購買價格。

此外，Ayar已表示，如果包銷商行使超額配售選擇權購買額外股份，並計算出與包銷商購買的額外股份數量相等的數量，他們打算在Ayar投資中從我們這裏購買額外的普通股。

我們打算與Ayar在此發行的包銷協議執行同時簽署一份第五次投資者權益協議修正案（「第五次IRA修正案」）。根據擬議的第五次IRA修正案，Ayar將有權利包括詢價、跟隨和無限售證券等註冊權利，與Ayar在Ayar投資中購買的普通股有關。

Ayar投資不是此次發行的一部分，並且額外於我們在此次發行中出售的262,446,931股股份。Ayar投資的完成取決於此次發行的完成，以及某些其他慣例的閉市條件。

Ayar已同意，在經我們事先書面同意的情況下，在Ayar投資的結案日後120天內：

•

直接或間接，提議抵押、售出、簽訂售出合同、銷售任何期權或購買合同、購買任何期權或銷售合同、授予任何期權、權利或認股權購買或以其他方式轉讓或處置任何普通股，或任何轉換成或行使或可交換至普通股的證券；或

•

進入任何掉期或任何其他協議或任何轉讓部分或全部直接或間接擁有這種普通股的經濟結果的交易，無論這種掉期或交易是否通過交付普通股或其他證券、以現金或其他方式結算。

在每種情況下，上述任何此類交易是否以普通股或其他證券、現金或其他方式結算。

在一定條件下，這些限制不適用於作爲真正禮物或禮物贈予的轉讓，包括贈送給慈善組織；控制、受控或與Ayar共同控制的任何人或實體；任何人或實體的任何提名人或託管人，在此前述句子中的任何例外下轉讓被允許的人；並根據真正的

S-17

承銷。

BofA證券有限公司正在擔任本次發行的承銷商。根據我們與承銷商之間的承銷協議中規定的條款和條件，我們已同意向承銷商出售262,446,931股普通股，而承銷商已同意從我們這裏購買這些股份。

根據承銷協議中規定的條款和條件，如果購買了任何這些股份，承銷商已同意購買在承銷協議下出售的所有股份。

我們同意賠償承銷商對某些責任的損失，包括《證券法》下的責任，或者向承銷商可能需要就這些責任支付的款項做出貢獻。

承銷商正在以事先銷售的條件提供股份，當這些股份被髮行並被他們接受時，須獲得他們的法律顧問批准，幷包括在承銷協議中規定的其他條件，如承銷商收到主管的證書和法律意見。承銷商保留撤回、取消或修改對公衆的要約以及拒絕全部或部分訂單的權利。

佣金和折扣

承銷商以每股$ 的價格從我們處購買普通股份（約爲我們的總計收益$ ，在我們扣除約$ 的費用之前）。承銷商可能不時在納斯達克全球市場、場外市場、通過協商交易或其他市場價格相關價格或協商價格在銷售時提供普通股份，銷售價格爲當時的市場價格，或與當時的市場價格有關，或協商價格。與此次提供的普通股份的銷售相關，承銷商可能被視爲已收到承銷折扣的形式的補償。承銷商可以通過將普通股份出售給經銷商或通過經銷商來執行此類交易，這些經銷商可能會收到承銷折扣、讓利或佣金的形式的補償，這些經銷商可能代表承銷商和/或股份購買方扮演代理人或作爲主體出售股份。

購買額外股份的選擇權

我們已向承銷商授予一項期權，自本招股說明書補充文件日期後的30天內可行使，受承銷協議中規定的條件限制，購買不超過39,367,040股額外股份，價格爲本招股說明書補充文件封面上所列每股價格，僅用於覆蓋超額配售。

未銷售相似證券

我們和公司高管及董事已同意，在此招股說明書補充文件日期後的120天內，除了某些有限例外情況外，未經承銷商事先書面同意，我們和他們不得：

•

直接或間接地，提議、抵押、銷售、簽署出售合同、出售任何期權或出售合同、購買任何期權或出售合同、授予任何期權、權利或購買權證或其他轉讓或處置任何普通股或任何轉換爲或行使或交換爲普通股的證券；

•

行使與上述普通股註冊相關的任何權利，或者根據1933年修正的證券法案文件，造成文件被提交或被保密提交任何與此相關的註冊聲明；或者

•

參與任何掉期或任何其他協議或任何轉讓經濟所有權的交易，無論是全部還是部分，直接或間接，該普通股的經濟後果，無論任何此類掉期或交易是否通過提供普通股或其他證券，以現金或其他方式結算。

S-19

根據每種情況，上述任何此類交易是由普通股或其他證券、現金或其他方式結算，另外，我們和每個相關方已同意，在限制期內，沒有未與承銷商事先書面同意，我們或其他相關方不得提出任何對普通股或任何可轉換成普通股或行使或交換成普通股的證券的註冊的要求或行使任何權利（除非不會導致我們提交註冊聲明公開）。此鎖定條款適用於普通股和可轉換成或交換成或行使成普通股的證券，不論是我們現在擁有的還是以後獲取的，或者是我們或其他相關方以後獲取處置權的證券。

關於我們的發行或出售，這些限制不適用於本次發行中要出售的股份；我們根據本補充招股說明書日行使期權或權證或轉換尚未行使的證券而發行的任何普通股；根據本補充招股說明書日現有的員工福利計劃發放的權益獎，或根據我們現有的員工福利計劃發放的權益獎發行的任何普通股；根據本補充招股說明書日現有的非僱員董事股票計劃或股利再投資計劃發放的任何普通股；在符合某些條件的情況下，按照本公司投資方案條款發行的本公司現有普通股的5%；根據Ayar的投資協議條件發行給Ayar的任何普通股；或者根據公司投資者權益協議需採取的任何行動。

關於我們的董事和高管的出售，除了遵守某些慣例條件外，這些限制不適用於依據遺囑、其他遺囑文件或無遺囑繼承法的轉讓；作爲真實的贈予或贈與，包括贈予慈善組織或進行真實的財產規劃目的；對於受益於董事或高管的任何信託；或董事或高管的直系親屬的信託；對於董事或高管及其直系親屬擁有所有的合夥企業、有限責任公司或其他實體的全部權益證券的合夥企業、有限責任公司或其他實體；如果簽署鎖定協議的一方是企業實體，則可以轉移到董事或高管聯營的另一個企業實體，或者轉移給受董事或高管控制、受其控制、管理或被管理的任何投資基金或其他實體，或與董事或高管或其關聯方共同控制的任何實體，或按照分配給簽署鎖定協議的成員或股東的分配轉移；轉給董事或高管或其直系親屬的任何人或實體的提名人或託管人，對於此前所述的情況允許的轉讓；對於個人，根據法律規定的操作方式；由於公司或其子公司的僱員或董事或服務提供者任期結束、傷殘或死亡時，由其及其子公司轉讓；根據公司董事會批准並面向公司全部股本持有人的涉及控制權變更的第三方要約、合併、合併或其他類似交易；與行使任何股票期權或權證，或股權獎勵的投放、結算或行使有關的才能權交易（包括通過「淨結算」、「賣空以償」或其他方式）；根據本約定簽署的日期爲公司股票或可轉換或可交換或可行使爲公司普通股的證券的限制。這適用於我們的普通股以及由執行協議的人現在擁有或以後得到處置權的證券。

納斯達克全球市場上市

這些股票在納斯達克全球市場上以「LCID」標的上市。

開空倉位

與該交易相關，承銷商可能在開放市場上購買和賣出我們的普通股。這些交易可能包括賣空以及在開放市場上購買來平倉的交易

S-20

由賣空榜創建。賣空榜涉及承銷商出售的股份數量超過了他們在發行中需要購買的股份數。"Covered"賣空是指出售的股份數量不超過上述承銷商有權購買額外股份的數量。承銷商可以通過行使他們購買額外股份的權利或者在開放市場購買股份來平倉任何被覆蓋的賣空頭寸。在確定平倉被覆蓋賣空頭寸股份來源時，承銷商將考慮，除其他事項外，市場上可購買股份的價格與通過授予他們的選擇權購買股份的價格之間的比較。"Naked"賣空則是超出該選擇權的銷售量。承銷商必須通過在開放市場購買股份來平倉任何裸賣空頭寸。如果承銷商擔心在定價之後市場上我們的普通股價會受到向下壓力影響可能會對購買者產生不利影響的情況，裸賣空頭寸更有可能被創建。

與其他購買交易類似，承銷商爲了平倉協會的賣空交易可能導致我們的普通股市場價格上升或維持不變，或者阻止或減緩我們的普通股市場價格下跌。因此，我們的普通股價格可能高於開放市場上可能存在的價格。承銷商可能在納斯達克全球市場、場外市場或其他地方進行這些交易。

我們和承銷商都不對上述交易可能對我們的普通股價格產生的影響的方向或幅度作任何陳述或預測。此外，我們和承銷商都不聲明承銷商將進行這些交易或者這些交易一旦開始就不會在未經通知的情況下停止。

被動市場交易

與本次發行相關，承銷商可能根據《證券交易法》103規則在納斯達克全球交易市場上進行被動做市交易，該規則覆蓋了交易所法規m條。這種被動做市商必須以不超過該證券最高獨立買單的價格展示自己的買盤。然而，如果所有獨立買單的價格低於被動做市商的買盤價格，那麼當超過指定購買限額時，該買盤必須被降低。被動做市可能導致我們的普通股價格高於在沒有這些交易的情況下存在的市場價格。承銷商不一定要進行被動做市，並且可以隨時結束被動做市活動。

電子發行

與發行相關，承銷商可以通過電子方式，如電子郵件，分發招股文件。

其他關係

承銷商及其關聯公司已參與並可能在未來繼續與我們或我們的關聯公司在業務常規過程中進行投資銀行和其他商業交易。承銷商已經收到或可能在未來收到這些交易的慣例費用和佣金。

此外，在其業務活動的常規過程中，承銷商及其關聯公司可能持有或進行各種廣泛的投資，積極交易債務和股本證券（或相關衍生證券）以及金融工具（包括銀行貸款）以供其自身帳戶和其客戶的帳戶。這些投資和證券活動可能涉及我們或我們關聯公司的證券和/或工具。承銷商及其關聯公司還可能就這些證券或金融工具提出投資建議和/或發佈或表達獨立研究觀點，並可能持有或建議客戶持有這些證券和工具的多頭和/或空頭頭寸。

歐洲經濟區招股說明書告知

關於歐洲經濟區每個成員國（每個「相關國家」），本次發行的普通股未向公衆在該相關國家出售或將出售。

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在相關國家獲得主管機關批准的《招股說明書》發佈前狀態，或者在適當情況下，獲得其他相關國家批准並通知給該相關國家的主管機關，均按照《招股說明書條例》的規定進行，但普通股的股份公開發行僅可根據《招股說明書條例》下的以下豁免情況之一向該相關國家公衆發行：

對於歐洲經濟區的每個成員國和英國（每個爲「相關國家」），在該相關國家的任何機構或機構要求的出示或宣傳本招股說明書中提供的任何證券之前，尚未根據招股說明書批准在該相關國家實施公開發售，但根據招股說明書規定可以按照以下有關招股說明書例外情況向以下一般公衆提供證券的情況除外：

向少於150名自然人或法人（除《招股說明書條例》下定義的合格投資者外）進行股份發行，但需要事先獲得承銷商對此類要約的事先認可；或

在澳洲《說明書條例》第1(4)條規定的任何其他情況下，

在沒有要求公司或承銷商根據《招股說明書條例》第3條發佈招股說明書或根據《招股說明書條例》第23條補充招股說明書的情況下，任何此類普通股股票的發行要約。

處於相關國家(除了允許的公開發行的相關國家)的每個最初購買任何普通股股票的人或者對其進行要約的人，被視爲已向公司和承銷商聲明、確認並同意其符合《招股說明書條例》規定的合格投資者。

在向金融中介機構(即《招股說明書條例》第5條(1)中使用的術語)提供普通股股票的情況下，每個此類金融中介機構將被視爲已聲明、確認並同意其通過要約獲取的普通股股票，並非代表他們進行了非自主基礎的收購，也沒有將其收購以用於向可能引發向公衆提供要約的情況下的個人的要約或轉售，在這種情況下需要事先獲得承銷商對每個擬議要約或轉售的同意。

公司、承銷商及其關聯方將依賴於上述陳述、確認和協議的真實性和準確性。

爲此，對於任何適用國家的普通股份的「向公衆發出的要約」一詞指的是以任何形式和通過任何方式傳達有關要約條款和將要提供的任何普通股份的充足信息，使投資者能夠決定購買或認購任何普通股份。「招股說明公告」一詞指的是《歐盟》第2017/1129號法規。

以上銷售限制是除下列任何其他銷售限制之外的。

英國潛在投資者須知

關於英國（「英國」），在未根據英國《招股書條例》和《金融市場行爲管理法》獲得英國金融市場行爲監管局批准的與普通股有關的招股書之前，在英國不會向公衆提供或將提供任何普通股股份，但在英國可以根據英國《招股書條例》和《金融市場行爲管理法》的以下豁免情況向公衆提供普通股股份：

對於英國《意向書條例》下定義的合格投資者的任何法律實體；

對非合格投資者（根據英國《招股書條例》的定義）少於150名自然或法人，前提是對於任何此類要約，需事先獲得承銷商的同意；或者

在金融服務和市場法規(FSMA)第86條規定的其他情況下，隨時

條件是，未經發行人或承銷商根據英國金融服務及市場法第85條或《英國招股章程》第3條或根據《英國招股章程》第23條而發佈招股章程或補充招股章程的股份要約。

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每位最初收購任何普通股或接受任何要約的英國人將被視爲已向公司和承銷商聲明、確認並同意自己是英國《招股說明書條例》所定義的合格投資者。

對於向金融中介機構提供任何普通股的情況，根據英國《招股說明書條例》第5條第1款規定，每個這樣的金融中介機構將被視爲已聲明、確認和同意其在要約中獲得的股票並非代表非自主性基礎或爲將其要約或轉售給可能導致向除英國合格投資者以外的人士要約的情況下，已獲得承銷商事先同意每個擬議的要約或轉售。

公司、承銷商及其關聯公司將依賴上述聲明、確認和協議的真實性和準確性。

就本條款而言，英國任何普通股的「向公衆發行」表達意味着以足夠信息的形式和任何方式就要約條款和任何要供股票進行通訊，使得投資者能夠決定購買或認購任何股票；「英國《招股說明書條例》」指由於《歐盟（退出）法案2018年》而成爲國內法的《歐盟》規例2017/1129；「FSMA」指2000年金融服務及市場法案。

此文件僅分發給（i）在與投資相關事宜具有專業經驗並符合《金融服務和市場法案2000年（金融促銷）命令2005年修訂版第19條第5款規定投資專業人士的人士，（ii）符合《金融促銷》命令2005年修訂版第49(2)(a)至(d)項（「高淨值公司、非公司法人團體等」）的人士，（iii）位於英國以外的人士，或（iv）人士可合法接受或導致有關證券發行或銷售的投資活動邀請或誘因的人士（所有此類人士統稱爲「相關人士」）。本文件僅面向相關人士，不得由非相關人士採取行動或依賴。此文件涉及的任何投資或投資活動僅適用於相關人士，並且只能由相關人士參與。

瑞士潛在投資者須知

這些股份可能不會在瑞士公開發行，也不會在瑞士交易所（「SIX」）或瑞士任何其他股票交易所或監管交易設施上市。本文件未遵守根據瑞士義務法第652a條或第1156條所規定的發行招股說明書披露標準，也未遵守SIX上市規則第27條及以下或瑞士任何其他股票交易所或監管交易設施的上市招股說明書披露標準。本文件及與股份或本次發行相關的任何其他招股或營銷材料不得在瑞士公開分發或以其他方式在瑞士公開提供。

本文件及與本次發行、公司、股份相關的任何其他招股或營銷材料未經任何瑞士監管機構備案或獲批。特別是，本文件不會提交給瑞士金融市場監督管理局（「FINMA」），股份發行也不會受到其監督，股份發行未經瑞士集體投資計劃法案（「CISA」）授權。根據CISA爲集體投資計劃權益持有人提供的投資者保護並不適用於股份持有者。

迪拜國際金融中心的潛在投資者須知

本招股書補充資料涉及根據迪拜金融服務管理局（「DFSA」）提供的招股證券規則的豁免要約。本招股書補充資料僅適用於DFSA招股證券規則中指定類型的人。不得投遞

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由任何其他人使用或依賴。DFSA對豁免要約相關文件的審查或驗證不承擔責任。DFSA未批准本增補說明書，也未採取措施驗證此處列明的信息，並且對增補說明書不承擔責任。本增補說明書所涉及的股票可能不太容易變現和/或受到再銷售限制。對所提供股票的潛在購買者應自行對股票進行盡職調查。如果您不理解本增補說明書的內容，應諮詢授權的理財顧問。

澳大利亞潛在投資者須知

未向澳大利亞證券與投資委員會（「ASIC」）遞交任何配售文件、招股說明書、產品披露文件或其他披露文件，與本次發行有關。本招股說明書不構成根據2001年《公司法》（「公司法」）的招股說明書、產品披露文件或其他披露文件，並且不打算提供根據《公司法》要求的招股說明書、產品披露文件或其他披露文件的信息。

在澳大利亞對普通股的任何要約只能向符合《公司法》第708(8)條規定的「精明投資者」、「專業投資者」（《公司法》第708(11)條規定的）或根據《公司法》第708條中包含的一項或多項豁免，以便合法向投資者提供普通股而無需根據《公司法》第6D章向投資者披露。

在澳大利亞豁免投資者申購的股票不得在發行後的12個月內提供給澳大利亞的出售，除非根據《公司法》第6D章向投資者披露不需要根據《公司法》第708條的豁免或其他豁免情況或者根據符合《公司法》第6D章規定的披露文件提供的要約。任何收購股票的人必須遵守澳大利亞的再銷售限制。

本招股說明書補充僅包含一般信息，並不考慮任何特定個人的投資目標、財務狀況或特定需求。它不包含任何證券推薦或金融產品建議。投資者在做出投資決定之前，需要考慮本招股說明書補充中的信息是否符合其需求、目標和情況，並在必要時就這些事項尋求專家意見。

香港招股說明書投資者須知

普通股份並未在香港通過任何文件以其他方式進行或將進行的出售，並且也不會被出售給香港《證券及期貨條例》(第571章)及該條例下制定的任何規定所定義的「專業投資者」，或者在不使該文件成爲根據香港《公司條例》(第32章)定義的「招股說明書」，或者不構成根據該條例定義的向香港市民公開發售的其他情況。未曾也不得經由任何人發出招股說明書、邀請或文件，目的在於發售，無論是在香港還是其他地方，其內容受香港公衆訪問或閱讀的可能性──除非經香港證券法律允許──除非涉及僅向香港以外人士或僅向根據《證券及期貨條例》和該條例下制定的任何規定所定義的「專業投資者」處置或擬處置的普通股份。

日本招股說明書投資者須知

普通股份並未並不會在日本金融工具交易所法(1948年修訂版第25號法律)下注冊，並且因此將不會以直接或間接方式在日本或爲了任何日本人的利益或爲了通過符合所有相關法律進行再次供售或轉售的其他人，在日本有意義地直接或間接地出售。

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由日本政府或監管當局發佈的相關日本法律、法規和部門指導準則在相關時間生效。對於本段而言，「日本人」指的是居住在日本的任何人，包括根據日本法律組織的任何法人或其他實體。

新加坡招股說明書投資者須知

本招股說明書並未以招股說明書的形式在新加坡金融管理局登記。因此，普通股股份未被提供、出售或引起發出邀約以申購或購買，也不會被提供、出售或引起發出邀約以申購或購買；本招股說明書或與普通股股份的供應、出售、邀約申購相關的任何其他文件或材料未被散發或分發，也不會被直接或間接地散發或分發給新加坡的任何人，除非（i）根據新加坡證券與期貨法（第289章）第4A條的定義，將其提供給機構投資者並根據該法第274條，（ii）根據該法第275(2)條定義的相關人員規定並根據該法第275(1)條或該法第275(1A)條規定及符合該法第275條的條件，或（iii）按照新加坡金融管理局其他適用條款的規定進行提供。

如果普通股股份根據新加坡證券與期貨法第275條由相關人員認購或購買，而該相關人員是：

(a)

一家公司（不是SFA第4A條規定的合格投資者）其唯一業務是持有投資，其全部股本由一個或多個個人擁有，每位個人是合格投資者；或者

(b)

一項信託（其受託人不是認可投資者），其唯一目的是持有投資，該信託的每個受益人都是認可投資者，

該公司或信託在根據SFA第275條項下作出的要約收購普通股後，未經六個月，不得轉讓該公司的證券或以SFA第2(1)條規定的每個術語定義的基於證券的衍生合約，或該信託中的受益人的權利和利益（如何描述），但例外情況爲：

(a)

向機構投資者或相關人士，或任何人，均源自SFA第275(1A)條或第276(4)(i)(B)條所涉及的要約；

(b)

在法律範圍內的情況下；

(c)

轉讓基於法律的操作；或

(d)

根據SFA第276(7)條的規定

加拿大招股說明書投資者須知

普通股股票只能出售給購買或被視爲以主體身份購買的合格投資者，如《45-106國家證券指南》中所定義《報告豁免》的部分5a和其他可用豁免項，達到例行審核要求所必需的預防性措施。出售給加拿大居民認購人的證券根據適用的加拿大證券法規不受持有期限的限制。公司在LIFE豁免下準備的發行文件的副本，日期分別爲2024年5月9日和5月10日，可以在SEDAR+的公司發行人檔案下通過電子方式獲得。TSX Venture Exchange同意此發行是在完成正常的最終文件後進行的。或第73.3(1)小節的。證券法（安大略省）並且是被允許的客戶，根據31-103《國家工具》所定義的條款註冊要求，豁免和持續的註冊義務任何普通股的轉售必須符合適用證券法的豁免規定，或者是在不受前景法律要求約束的交易中進行。

加拿大某些省或領Territory可能會爲購買者提供救濟金融工具資料中包含誤導性的撤銷或損害賠償，前提是購買者在其所在省或領的證券法規定的時間限制內行使撤銷或損害賠償權利。購買者應參閱其所在省或領的證券法規中適用的任何規定，了解有關這些權利的詳細信息，或諮詢法律顧問。

根據國家工具33-105的第3A.3節（或者，對於政府發行或擔保的非加拿大轄區的證券，第3A.4節）承銷衝突（NI 33-105），承銷商無需遵守與本次發行有關的NI 33-105關於承銷商利益衝突的披露要求。

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美國非居民投資者的聯邦所得稅問題

以下是針對非美國持有者（如下所定義）在擁有和處置根據本次發行發行的我公司普通股而由這些非美國持有者持有的資本資產（通常指投資持有的財產），根據1986年修訂版的《內部稅收法典》（以下簡稱「法典」）通常適用的美國聯邦所得稅問題概述。本概要基於法典、在其下發布的財政部規定、司法裁決、行政裁定和美國國內稅務局（「IRS」）及其他適用機構的公開立場，每種情況均截至本文件日期，而且這些情況均可能發生變化，並可能帶有追溯效應。本概要對IRS不具約束力，且不能保證IRS或法院會贊同以下所述結論。本概要並非所有可能與特定非美國持有者相關的美國聯邦所得稅問題的完整描述。此外，本概要也未涉及適用於受特殊規定約束的非美國持有者的相關事項，包括但不限於：

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銀行，保險公司和其他金融機構;

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受監管的投資公司;

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房地產投資信託；

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免徵稅的組織

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證券或貨幣的經紀人、經銷商或交易商；

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美國某些前公民或居民；

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選擇重新評估證券價格的人；

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作爲套戥、對沖、轉換或其他綜合交易的一部分持有我們普通股的人員；

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根據《稅收法典》之虛擬銷售規定認定爲銷售我們的普通股的人士

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通過報酬或其他方式取得我們普通股以與提供服務相關的人員；

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受控外國公司

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被動外國投資公司；和

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合夥企業（或其他根據美國聯邦所得稅法視爲合夥企業的實體或安排）或其他透傳實體。

如果合夥企業（或其他根據美國聯邦所得稅法視爲合夥企業的實體或安排）持有我們的普通股，合夥企業中的合夥人的美國聯邦所得稅處理通常取決於合夥人的身份和合夥企業的活動。持有我們的普通股的合夥企業和合夥人應就持有和處置我們的普通股的美國聯邦所得稅後果諮詢他們的稅務顧問。

此外，本摘要不涉及任何美國州或地方或非美國稅務考慮或任何美國聯邦遺產、贈與、替代性最低稅或醫保稅考慮。非美國持有人應就他們持有和處置我們的普通股的特定稅務考慮諮詢他們的稅務顧問。

爲達到本討論目的，「非美國持有人」是指我們普通股的受益所有人，其在美國聯邦所得稅法律意義上是個人、公司、遺產或非以下任何形式的信託，也不被視爲以下任何形式的信託：

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一個在美國的公民或居民的個體；

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公司（或其他實質上被視爲美國聯邦所得稅目的而被視爲公司的實體）在美國、任何州或哥倫比亞特區的法律下設立或組織的公司；

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其所得稅無論來源如何均需繳付美國聯邦所得稅的遺產；或

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trust是指由美國法院主要監督管理，並且一個或多個美國人（如法典第7701(a)(30)條所定義）有權控制所有重大決策的信託，或者根據適用的財政部法規合法選擇作爲美國人的信託。

分佈。在根據本收據條款的規定結束本收據所體現的協議之前，託管人將在確定餘額之後以某種方式在底定時間向持有人分配或提供有關本美國存託憑證所體現的存入證券的任何現金股利、其他現金分派、股票分派、認購或其他權利或任何其他有關性質的分派，經過託管人在第十九條中描述的費用和支出的扣除或者付款，並扣除任何相關稅款；，不過需要指出，託管人不會分配可能會違反1933年證券法或任何其他適用法律的分配，並且對於任何可能違反此類法律的情況，該人不會收到相應的保證。對於這種情況，託管人可以售出這樣的股份、認購或其他權利、證券或其他財產。如果託管人選擇不進行任何此類分配，則託管人只需要通知持有人有關其處置的事宜及任何此類銷售的收益，而任何以現金形式以外的方式通過託管人收到的任何現金股息或其他分配的，不受本第十二條的限制。託管人可以自行決定不分配任何分銷或者認購權，證券或者其他財產在行使時，託管人授權此類發行人可能不得在法律上向任何持有人或者處置此類權利，以及使任何發售此類權利且在託管人處出售這類權利的淨收益對這樣的持有人可用。任何由託管人出售的認購權、證券或者其他財產的銷售可能在託管人認爲適當的時間和方式進行，並且在這種情況下，託管人應將在第十九條中描述的費用和支出扣除後分配給持有人該淨收益以及在相應的代扣稅或其他政府收費中將，。

如本招股說明書中「分紅」部分所述，我們目前不預計在可預見的未來以現金形式向我們的普通股股東支付股息。但是，如果我們向我們的普通股股份的持有人支付現金或財產分配（除了某些股票分配），或者進行被視爲與我們的普通股股份有關的分配的贖回，任何此類分配一般將被視爲從我們當前的或累積的盈利中支付，根據美國聯邦所得稅原則確定。超過我們當前和累積盈利的這些分配金額將首先被視爲資本回報，並用於減少非美國持有人對我們的普通股股份的稅基（但不得低於零），隨後將被視爲資本收益，適用於下文「— 銷售或其他應稅處理」中描述的稅收待遇。

根據下文對於有效連接收入的討論，向非美國持有人支付與我們的普通股股份有關的股息將受到美國聯邦扣繳稅的規定，扣繳率爲股息的總金額的三十％（30%）（或適用的收入稅條約規定的較低稅率，前提是非美國持有人提交經妥善執行的IRS Form W-8BEN或W-8BEN-E（或其後續表格或其他適用文件）以證明其有資格適用該較低條約稅率）。未能及時提供所需文件的非美國持有人，但符合降低稅率的，可以通過及時向IRS提交適當的退稅申請來退還因扣除任何超額稅款而被扣除的額外金額。

一般情況下，向非美國持有人支付的分紅中不會扣除美國聯邦預扣稅，如果分紅與該非美國持有人在美國內從事相關交易或業務（並且根據適用的所得稅條約，與在美國的固定機構或場所有關）並且該非美國持有人提供正確填寫的IRS表格W-8ECI（或其後續表格或其他適用文件）。任何此類有效關聯分紅通常將按照適用於美國居民的常規分級稅率基礎上的淨利潤繳納美國聯邦所得稅。被視爲美國聯邦所得稅目的的公司的非美國持有人接受有效關聯分紅可能還會需要繳納額外的「分支利潤稅」，稅率爲百分之三十（30%）（或適用所得稅條約規定的較低稅率），該稅將對其有效關聯收益和利潤（經過一定調整）徵收。非美國持有人應就其在任何適用所得稅條約下享有的權益向其稅務顧問諮詢。

出售或其他應稅處置

非美國持有人不會針對出售或轉讓我公司普通股而實現的任何收益繳納美國聯邦所得稅，除非：

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該收益與非美國持有人在美國內的交易或業務「有效關聯」（如果適用的所得稅條約要求，並且與非美國持有人在美國的固定機構或場所有關）；

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在處置的納稅年度內，非美國持有人是在美國逗留183天或更多的非居民外國人，並滿足某些其他要求；或

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由於我們作爲美國不動產持有公司（USRPHC）而構成美國房地產利益，因此我公司普通股在美國聯邦所得稅目的下構成美國實際房地產權益。

以上第一個項目描述的收益，通常將按照適用於美國個人的常規分級稅率在淨利潤基礎上繳納美國聯邦所得稅。作爲非美國持有人的個人，

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as a corporation for U.S. federal income tax purposes may also be subject to an additional “branch profits tax” as discussed above under “— Distributions.”

Gain recognized by a Non-U.S. Holder described in the second bullet point above will generally be subject to U.S. federal income tax at a rate of thirty percent (30%) (or a lower rate specified by an applicable income tax treaty), which may be offset by U.S.-source capital losses of the Non-U.S. Holder (even though such individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, although there can be no assurance in this regard, we believe that we are not, and we do not anticipate becoming, a USRPHC for U.S. federal income tax purposes. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of shares of our common stock will not be subject to U.S. federal income tax if our common stock is “regularly traded,” as defined by applicable Treasury Regulations, on an established securities market, and such Non-U.S. Holder owned, actually and constructively, five percent (5%) or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or such Non-U.S. Holder’s holding period.

Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

Foreign Account Tax Compliance Act

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act, or “FATCA”) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a thirty percent (30%) withholding rate may be imposed on dividends in respect of our common stock held by or through certain foreign financial institutions (including investment funds), unless such institution (i) enters into, and complies with, an agreement with the Treasury Department to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments or (ii) complies with an intergovernmental agreement between the United States and an applicable foreign country to report such information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which our common stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our common stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of thirty percent (30%), unless such entity either (i) certifies that such entity does not have any “substantial United States owners” or (ii) provides certain information regarding the entity’s “substantial United States owners,” which we or the applicable withholding agent will in turn provide to the Treasury Department. We will not pay any amounts to holders in respect of any amounts withheld. Non-U.S. Holders should consult their tax advisors regarding the possible implications of this withholding tax on their investment in our common stock.

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LEGAL MATTERS

The legality of the common stock offered hereby will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, Palo Alto, California. The underwriter has been represented by Simpson Thacher & Bartlett LLP, Palo Alto, California.

EXPERTS

The consolidated financial statements of Lucid Group, Inc. as of and for the period ended December 31, 2023, and management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2023 have been incorporated by reference herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

The audited financial statements of Lucid Group, Inc. as of and for the two years in the period ended December 31, 2022 incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the report of Grant Thornton LLP, an independent registered public accounting firm, upon the authority of said firm as experts in accounting and auditing.

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Prospectus

LUCID GROUP, INC.

Common Stock
Preferred Stock
Depositary Shares
Debt Securities
Warrants
Subscription Rights
Purchase Contracts
and
Purchase Units

We may offer, issue and sell, together or separately:

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shares of our common stock;

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shares of our preferred stock, which may be issued in one or more series;

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depositary receipts, representing fractional shares of our preferred stock, which are called depositary shares;

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debt securities, which may be issued in one or more series and which may be senior debt securities or subordinated debt securities;

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warrants to purchase shares of our common stock, shares of our preferred stock or our debt securities;

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subscription rights to purchase shares of our common stock, shares of our preferred stock or our debt securities;

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purchase contracts to purchase shares of our common stock, shares of our preferred stock or our debt securities; and

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purchase units, each representing ownership of a purchase contract and debt securities, preferred securities or debt obligations of third-parties, including U.S. treasury securities, or any combination of the foregoing, securing the holder’s obligation to purchase our common stock or other securities under the purchase contracts.

In addition, selling securityholders may offer and sell, from time to time, these securities on terms described in a prospectus supplement.

This prospectus describes some of the general terms that may apply to these securities. The specific terms of any securities to be offered will be described in a prospectus supplement. The prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you make your investment decision.

We and/or the selling securityholders may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis.

This prospectus may not be used to sell securities unless accompanied by a prospectus supplement.

Investing in our securities involves a number of risks. See “Risk Factors” on page 8 before you make your investment decision.

We may offer securities through underwriting syndicates managed or co-managed by one or more underwriters or dealers, through agents or directly to purchasers. These securities also may be resold by selling securityholders. If required, the prospectus supplement for each offering of securities will describe the plan of distribution for that offering. For general information about the distribution of securities offered, please see “Plan of Distribution” in this prospectus.

Our common stock is listed on The Nasdaq Stock Market LLC (“Nasdaq”) under the trading symbol “LCID.” Each prospectus supplement will indicate whether the securities offered thereby will be listed on any securities exchange.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus is October 16, 2024.

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ABOUT THIS PROSPECTUS

This prospectus is part of an “automatic shelf” registration statement that we filed with the Securities and Exchange Commission (the “SEC”) as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), using a “shelf” registration process. Under this process, we and/or the selling securityholders may sell from time to time any combination of the securities described in this prospectus. This prospectus only provides you with a general description of the securities that we and/or the selling securityholders may offer. Each time we and/or the selling securityholders sell securities, we will provide a supplement to this prospectus that contains specific information about the terms of that offering, including the specific amounts, prices and terms of the securities offered. The prospectus supplement may also add, update or change information contained in this prospectus. You should carefully read both this prospectus, any accompanying prospectus supplement and any free writing prospectus prepared by or on behalf of us, together with the additional information described under the heading “Where You Can Find More Information.”

We have not authorized anyone to provide you with any information other than that contained in or incorporated by reference into this prospectus, any accompanying prospectus supplement and any free writing prospectus prepared by or on behalf of us. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are not making offers to sell the securities in any jurisdiction in which an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or solicitation.

The information in this prospectus is accurate as of the date on the front cover. You should not assume that the information contained in this prospectus is accurate as of any other date.

When used in this prospectus, the terms “Lucid,” the “Company,” “we,” “our” and “us” refer to Lucid Group, Inc. and its consolidated subsidiaries, unless otherwise specified or the context otherwise requires.

WHERE YOU CAN FIND MORE INFORMATION

We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our SEC filings are available to the public at the SEC’s website at www.sec.gov.

The SEC allows us to “incorporate by reference” information into this prospectus and any accompanying prospectus supplement, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus and any accompanying prospectus supplement, except for any information superseded by information contained directly in this prospectus, any accompanying prospectus supplement, any subsequently filed document deemed incorporated by reference or any free writing prospectus prepared by or on behalf of us. This prospectus and any accompanying prospectus supplement incorporate by reference the documents set forth below that we have previously filed with the SEC (other than information deemed furnished and not filed in accordance with SEC rules, including Items 2.02 and 7.01 of Form 8-K).

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our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024 (the “Annual Report”);

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the information specifically incorporated by reference into our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 from our definitive proxy statement on Schedule 14A, filed with the SEC on April 25, 2024;

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our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, filed with the SEC on May 6, 2024 and August 5, 2024, respectively;

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our Current Reports on Form 8-K, filed with the SEC on January 26, 2024, February 15, 2024, March 25, 2024, March 29, 2024, May 6, 2024 (only with respect to Item 5.02 therein), May 24, 2024 (only with respect to Item 2.05 therein), June 6, 2024, August 5, 2024 and August 19, 2024; and

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the description of our capital stock contained in Exhibit 4.6 of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 28, 2022, and any amendment or report filed for the purpose of updating such description.

All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the termination of the offering also shall be deemed to be incorporated herein by reference. We are not, however, incorporating by reference any documents or portions thereof that are not deemed “filed” with the SEC, including any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K.

If requested, we will provide to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in the prospectus but not delivered with the prospectus. Exhibits to the filings will not be sent, however, unless those exhibits have specifically been incorporated by reference into such documents. To obtain a copy of these filings at no cost, you may contact us at Investor Relations at 7373 Gateway Boulevard, Newark, CA 94560, by email: investor@lucidmotors.com, or by telephone: (510) 648-3553.

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FREQUENTLY USED TERMS

Unless otherwise stated in this prospectus or the context otherwise requires, references to:

“AMP-1” are to our Advanced Manufacturing Plant-1 in Casa Grande, Arizona;

“AMP-2” are to our planned Advanced Manufacturing Plant-2 in Saudi Arabia, which consists of a semi knocked-down portion that has been completed and a completely-built-up portion that will be constructed;

“Ayar” are to Ayar Third Investment Company, an affiliate of PIF and the controlling stockholder of the Company;

“Board” or “Board of Directors” are to the board of directors of Lucid Group Inc., a Delaware corporation;

“Churchill” or “CCIV” are to Churchill Capital Corp IV, a Delaware corporation and our predecessor company prior to the consummation of the Transactions, which changed its name to Lucid Group, Inc. following the consummation of the Transactions, and its consolidated subsidiaries;

“Churchill IPO” are to the initial public offering by Churchill which closed on August 3, 2020;

“common stock” are to the Class A common stock of Lucid Group, Inc., par value $0.0001 per share;

“current bylaws” are to the Company’s Second Amended and Restated Bylaws in effect as of the date of this prospectus;

“current certificate of incorporation” are to the Company’s Third Amended and Restated Certificate of Incorporation in effect as of the date of this prospectus;

“DGCL” are to the Delaware General Corporation Law, as amended;

“EV” are to electric vehicle;

“Investor Rights Agreement” are to the Investor Rights Agreement, dated as of February 22, 2021 and as may be amended from time to time, by and among the Company, the Sponsor, Ayar and certain other parties thereto;

“Legacy Lucid” are to Atieva, Inc., d/b/a Lucid Motors, an exempted company incorporated with limited liability under the laws of the Cayman Islands, and its consolidated subsidiaries before the Closing Date;

“Merger” are to the merger of a merger subsidiary of Churchill and Atieva, Inc., with Atieva, Inc. surviving such merger as a wholly owned subsidiary of Churchill;

“Merger Agreement” are to that certain Agreement and Plan of Merger, dated as of February 22, 2021, by and among Churchill, Legacy Lucid and Air Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of Churchill, as the same has been or may be amended, modified, supplemented or waived from time-to-time;

“Nasdaq” are to The Nasdaq Stock Market LLC;

“PIF” are to the Public Investment Fund, the sovereign wealth fund of Saudi Arabia;

“Redeemable Convertible Preferred Stock” are to the Series A and Series B Convertible Preferred Stock of Lucid Group, Inc., par value $0.0001 per share;

“Sponsor” are to Churchill Sponsor IV LLC, a Delaware limited liability company and an affiliate of M. Klein and Company, LLC in which certain of Churchill’s directors and officers hold membership interests;

“Transactions” are to the Merger, together with the other transactions consummated under the Merger Agreement and the related agreements; and

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This prospectus and any accompanying prospectus supplement and any documents incorporated by reference contain statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.

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,” “scheduled” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. They appear in a number of places throughout this prospectus and the documents incorporated by reference into this prospectus and include, but are not limited to, statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, capital expenditures, prospects, growth, production volumes, strategies and the markets in which we operate, including expectations of financial and operational metrics, projections of market opportunity, market share and product sales, expectations and timing related to commercial product launches, future strategies and products, including with respect to energy storage systems and automotive partnerships, technology, manufacturing capabilities and facilities, studio openings, sales channels and strategies, future vehicle programs, expansion and the potential success of our direct-to-consumer strategy, our financial and operating outlook, future market launches and international expansion, including our manufacturing facility in Saudi Arabia and related timing and value to us, and our needs for additional financing. Such forward-looking statements are based on available current market material and our current expectations, beliefs and forecasts concerning future developments. Factors that may impact such forward-looking statements include:

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changes in domestic and foreign business, market, financial, political and legal conditions, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and global conflicts or other geopolitical events;

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risks related to changes in overall demand for our products and services and cancellation of orders for our vehicles;

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risks related to prices and availability of commodities, our supply chain, logistics, inventory management and quality control, and our ability to complete the tooling of our manufacturing facilities over time and scale production of the Lucid Air and other vehicles;

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risks related to the uncertainty of our projected financial information;

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risks related to the timing of expected business milestones and commercial product launches;

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risks related to the expansion of our manufacturing facility, the construction of new manufacturing facilities and the increase of our production capacity;

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risks related to the issuance and sale of shares of our Redeemable Convertible Preferred Stock;

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our ability to manage expenses and control costs;

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risks related to future market adoption of our offerings;

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the effects of competition and the pace and depth of electric vehicle adoption generally on our business;

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changes in regulatory requirements, governmental incentives and fuel and energy prices;

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our ability to rapidly innovate;

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our ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers, including our ability to realize the anticipated benefits of our transaction with Aston Martin;

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our ability to effectively manage our growth and recruit and retain key employees, including our chief executive officer and executive team;

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risks related to potential vehicle recalls;

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our ability to establish and expand our brand, and capture additional market share, and the risks associated with negative press or reputational harm;

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our ability to effectively utilize zero emission vehicle credits and obtain and utilize certain tax and other incentives;

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our ability to conduct equity, equity-linked, or debt financing in the future;

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our ability to pay interest and principal on our indebtedness;

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future changes to vehicle specifications which may impact performance, pricing, and other expectations;

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the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and

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other factors disclosed in this prospectus or our other filings with the SEC, including any accompanying prospectus supplement.

The forward-looking statements contained in this prospectus and the documents incorporated by reference into this prospectus or any prospectus supplement are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. Forward-looking statements are subject to risks and uncertainties, including but not limited to the risks described in this prospectus, any accompanying prospectus supplement and any documents incorporated by reference, including the “Risk Factors” sections of this prospectus, any accompanying prospectus supplement and our reports and other documents filed with the SEC. When considering forward-looking statements, you should keep in mind the risks, uncertainties and other cautionary statements made in this prospectus, any accompanying prospectus supplement and the documents incorporated by reference.

There can be no assurance that other factors not currently anticipated by us will not materially and adversely affect our business, financial condition and results of operations. You are cautioned not to place undue reliance on any forward-looking statements made by us or on our behalf. Please take into account that forward-looking statements speak only as of the date of this prospectus or, in the case of any accompanying prospectus supplement or documents incorporated by reference, the date of any such document. Except as required by applicable law, we do not undertake any obligation to publicly correct or update any forward-looking statement.

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THE COMPANY

This summary highlights selected information and does not contain all of the information that is important to you. This summary is qualified in its entirety by the more detailed information included in or incorporated by reference into this prospectus. Before making your investment decision with respect to our securities, you should carefully read this entire prospectus, any applicable prospectus supplement and the documents referred to in “Where You Can Find More Information.”

About Lucid

We are a technology company with a mission to create exceptional experiences to drive the world forward. Our focus on in-house hardware and software innovation, vertical integration, and a “clean sheet” approach to engineering and design led to the development of the award-winning Lucid Air.

We sell vehicles directly to consumers through our retail sales network and through direct online sales, including through Lucid Financial Services. We believe that owning our sales network provides an opportunity to closely manage the customer experience, gather direct customer feedback, and ensure that customer interactions are tailored to our customers’ needs. We own and operate a vehicle service network comprised of service centers in major metropolitan areas and a fleet of mobile service vehicles. In addition to our in-house service capabilities, we established and continue to grow an approved list of specially trained collision repair shops which also serve as repair hubs for our mobile service offerings in some cases.

We began delivering the Lucid Air to customers in October 2021 and we expect to launch additional vehicles over the coming decade. We have leveraged and expanded the technological advancements from the Lucid Air to the Lucid Gravity sport utility vehicle (“SUV”), which is scheduled for start of production in late 2024. After the Lucid Air and the Lucid Gravity SUV, start of production of our Midsize platform is scheduled for late 2026.

Corporate Information

Lucid Group, Inc. is a Delaware corporation. Our principal executive office is located at 7373 Gateway Boulevard, Newark, CA 94560 and our telephone number is (510) 648-3553. We maintain a website at https://www.lucidmotors.com. The information on our website is not incorporated by reference in this prospectus or any accompanying prospectus supplement, and you should not consider it a part of this prospectus or any accompanying prospectus supplement.

Controlled Company Exemption

As of September 30, 2024, PIF, both directly and indirectly through Ayar, held over 50% of the voting power for the election of our directors. As a result, we are a “controlled company” within the meaning of Nasdaq rules and, as a result, qualify for exemptions from certain corporate governance requirements. Our stockholders do not have the same protections afforded to stockholders of companies that are subject to such requirements. Ayar also currently has the ability to nominate five of the nine directors to our Board. Ayar is an affiliate of PIF.

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DESCRIPTION OF CAPITAL STOCK

General

The following summary description of our capital stock is based on the provisions of the Delaware General Corporation Law (the “DGCL”), our current certificate of incorporation and our current bylaws. This description does not purport to be complete and is qualified in its entirety by reference to the full text of the DGCL, as it may be amended from time to time, and to the terms of our current certificate of incorporation and our current bylaws, as each may be amended from time to time, which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part. See “Where You Can Find More Information.” As used in this “Description of Capital Stock,” the terms “Lucid,” the “Company”, “we,” “our” and “us” refer to Lucid Group, Inc., a Delaware corporation, and do not, unless otherwise specified, include our subsidiaries.

Our authorized capital stock consists of 15,000,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share (the “Preferred Stock”). The outstanding shares of common stock are duly authorized, validly issued, fully paid and non-assessable. The number of authorized shares of any class may be increased or decreased by an amendment to our current certificate of incorporation proposed by our Board and approved by a majority of voting shares voted on the issue at a meeting at which a quorum exists.

Of the Preferred Stock, we designated 100,000 shares as Series A Convertible Preferred Stock and 75,000 shares as Series B Convertible Preferred Stock (together, the “Redeemable Convertible Preferred Stock”).

As of September 30, 2024, there were (i) 2,337,518,542 shares of our common stock outstanding, (ii) 100,000 shares of Series A Convertible Preferred Stock outstanding, (iii) 75,000 shares of Series B Convertible Preferred Stock outstanding, and (iv) 44,350,000 shares of common stock issuable upon the exercise of Private Placement Warrants (including the Working Capital Warrants).

Common Stock

Voting Power

Except as otherwise required by law or as otherwise provided in any certificate of designation for any series of preferred stock, under our current certificate of incorporation, the holders of common stock will possess all voting power for the election of directors and all other matters requiring stockholder action and will be entitled to one vote per share on matters to be voted on by stockholders. The holders of our common stock will at all times vote together as one class on all matters submitted to a vote of the common stock under our current certificate of incorporation.

Dividends

Subject to limitations contained in the DGCL and our current certificate of incorporation, under our current bylaws, the Board may declare and pay dividends upon the shares of our common stock, which dividends may be paid either in cash, in property or in shares of our common stock. We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements, the terms of any outstanding indebtedness and general financial condition. The payment of any cash dividends s will be within the discretion of the Board at such time. In addition, the Board is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

Liquidation, Dissolution and Winding Up

In the event of the voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the holders of our common stock will be entitled to receive all the remaining assets of the Company available

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for distribution to stockholders, ratably in proportion to the number of shares of common stock held by them, after the rights of creditors of the Company and the holders of any outstanding shares of preferred stock have been satisfied.

Preemptive or Other Rights

The holders of our common stock do not have preemptive or other subscription rights and there is no sinking fund or redemption provisions applicable to our common stock.

The rights, preferences and privileges of holders of common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future.

Preferred Stock

General

This section describes the general terms and provisions of preferred stock that we are authorized to issue. An accompanying prospectus supplement will describe the specific terms of the shares of preferred stock offered through that prospectus supplement, as well as any general terms described in this section that will not apply to those shares of preferred stock. If there are differences between the prospectus supplement relating to a particular series of preferred stock and this prospectus, the prospectus supplement will control. We will file a copy of the certificate of amendment to our current certificate of incorporation that contains the terms of each new series of preferred stock with the Secretary of the State of Delaware and with the SEC each time we issue a new series of preferred stock. Each such certificate of amendment will establish the number of shares included in a designated series and fix the designation, powers, privileges, preferences and rights of the shares of each series as well as any applicable qualifications, limitations or restrictions. You should refer to the applicable certificate of amendment as well as our current certificate of incorporation before deciding to buy shares of our preferred stock as described in any accompanying prospectus supplement.

Our current certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. With respect to each series of our preferred stock, our Board has the authority to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Board is able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of the Board to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management.

Redeemable Convertible Preferred Stock

Ranking and Dividend. The Redeemable Convertible Preferred Stock ranks senior to our common stock with respect to dividends and distributions of assets upon the Company’s liquidation, dissolution or winding up. Each share of the Redeemable Convertible Preferred Stock has an initial value of $10,000 (the “Initial Value”). Dividends on the Redeemable Convertible Preferred Stock is payable in the form of compounded dividends upon each share of Redeemable Convertible Preferred Stock (such payment in kind, “Compounded Returns”). Dividends accrue on the Initial Value (as increased for any Compounded Dividends previously compounded thereon) of each share of Redeemable Convertible Preferred Stock at a rate of 9% per annum and is compound on the basis of quarterly dividend payment dates on each March 31, June 30, September 30 and December 31 of each year, which commenced on June 30, 2024 for the Series A Convertible Preferred Stock and September 30, 2024 for the Series B Convertible Preferred Stock.

Liquidation Preference. Upon a liquidation, dissolution or winding up of the Company, each holder of shares of Redeemable Convertible Preferred Stock (“Holder”) is entitled to receive, with respect to each share of then-outstanding Redeemable Convertible Preferred Stock, out of the assets of the Company available for distribution to its stockholders (pari passu with the holders of any liquidation parity securities) an amount in cash equal to the greater of (a) an amount per share of Redeemable Convertible Preferred

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Stock as of the date of such liquidation, dissolution or winding up equal to (i) the per share accrued value (as used herein, representing the Initial Value, plus any Compounded Returns, plus accrued dividends from the last dividend payment date to, and including, the relevant date of determination) (the “Accrued Value”) as of the relevant date (as defined in the respective certificate of designations) multiplied by (ii) the relevant percentage (as defined in the respective certificate of designations) (the product of (i) and (ii), the “Minimum Consideration”); and (b) the amount that such Holder would have received with respect to such share of Redeemable Convertible Preferred Stock based on its Accrued Value if all shares of Redeemable Convertible Preferred Stock had been converted at their Accrued Value (regardless of whether they were actually converted and without regard to any limitations on convertibility or to whether sufficient shares of common stock are available out of the Company’s authorized but unissued stock for the purpose of effecting such conversion) into shares of common stock on the business day immediately prior to the date of such liquidation, dissolution or winding up.

Conversion. Each share of Redeemable Convertible Preferred Stock is convertible, at the option of the respective Holder, from time to time after the initial issue date (the “Initial Issue Date”), and without the payment of additional consideration by the Holder, (a) at any time that the closing price per share of our common stock on the trading day immediately preceding the date on which the Holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Company otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Company, into such number of fully paid and non-assessable shares of common stock as is determined by dividing (i) the applicable Accrued Value as of the conversion date by (ii) the respective conversion price (as defined in the respective certificate of designations) in effect as of such conversion date.

Voting. Except as otherwise provided in the respective certificate of designations or by applicable law or the rules of any stock exchange on which the Company’s securities are listed, on any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders and on which matter holders of our common stock shall be entitled to vote, each Holder is entitled to the number of votes equal to the number of whole shares of common stock into which the aggregate shares of Redeemable Convertible Preferred Stock held by such Holder are convertible on the record date for determining stockholders entitled to vote on such matter (subject to certain adjustments, but without regard to any limitations on convertibility or to whether sufficient shares of common stock are available out of the Company’s authorized but unissued stock for the purpose of effecting the conversion). Holders are entitled to notice of any meeting of stockholders and, except as otherwise provided in the respective certificate of designations or otherwise required by law, to vote together as a single class with the holders of common stock and any other class or series of stock entitled to vote thereon. The voting power of Holders is subject to a voting cap per share equal to the quotient of the $10,000 Initial Value and $2.77 for the Series A Convertible Preferred Stock and the quotient of the $10,000 Initial Value and $3.120 for the Series B Convertible Preferred Stock.

For each series of the Redeemable Convertible Preferred Stock, as long as at least 10% of the aggregate number of shares of such series issued on the Initial Issue Date remain outstanding, and subject to certain other conditions, Holders of such series are entitled to a separate class vote with respect to, among other things, amendments to the Company’s organizational documents that have an adverse effect on such series, authorizations or issuances by the Company of capital stock of the Company that ranks senior or equal to such series with respect to dividends or distributions on liquidation or the terms of which provide for cash dividends (other than our common stock), winding-up and dissolution, and decreases in the number of authorized shares of such series.

Junior and Parity Securities. Subject to certain exceptions, unless all accumulated and unpaid dividends on the Redeemable Convertible Preferred Stock for all preceding quarterly dividend payment periods have been declared upon all outstanding shares of Redeemable Convertible Preferred Stock through the most recently completed dividend period, the Company (1) may not repurchase, redeem or otherwise acquire shares of any parity stock or any junior stock (which includes our common stock), (2) may not declare or pay dividends on any junior stock (which includes our common stock) and (3) may not declare or pay dividends on any parity stock, unless the respective amounts of dividends declared on the Redeemable Convertible Preferred Stock and each such other class or series of dividend parity stock bear the same ratio

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to each other as all accumulated and unpaid dividends per share of the Redeemable Convertible Preferred Stock and such class or series of parity stock (subject to their having been declared by the Board out of legally available funds) bear to each other, in proportion to their respective liquidation preferences at the time of declaration.

Mandatory Conversion. On or after the third anniversary of the respective Initial Issue Date, if at any time (i) the daily VWAP (as defined in the respective certificate of designations) of our common stock has been at least 200% of the respective conversion price (as defined in the respective certificate of designations) for at least twenty (20) trading days (whether or not consecutive) during any thirty (30) consecutive trading days (including the last day of such period) and (ii) certain common stock liquidity conditions (as defined in the respective certificate of designations) are satisfied, the Company has the right, exercisable at its election within fifteen (15) business days following completion of the applicable thirty (30) trading day period, to cause all or any portion of the Redeemable Convertible Preferred Stock to convert into common stock. The Company is required to pay an additional amount per share of Redeemable Convertible Preferred Stock payable in cash, shares of common stock valued based on a five-day average daily VWAP (with the number of shares of common stock rounded up to the nearest whole share) or a combination thereof in respect of such conversion equal to the greater of (x) the difference between (i) the Minimum Consideration and (ii) the value of the shares of common stock delivered upon mandatory conversion thereof and (y) zero.

Fundamental Change. Upon a “fundamental change” (as defined in the respective certificate of designations), the Holders are entitled, on the fundamental change repurchase date specified by the Company, to receive an amount equal to the greater of (a) the Minimum Consideration and (b) an amount equal to the value that such Holder would have received if it had converted its shares of Redeemable Convertible Preferred Stock into shares of common stock on the business day immediately before the fundamental change repurchase date. The fundamental change repurchase price may be paid in cash, shares of common stock (or other securities to be received by a holder of common stock in such Fundamental Change) valued based on a five-day average daily VWAP (with the number of shares of common stock rounded up to the nearest whole share), or a combination thereof, at the Company’s election. The Company may not elect to deliver shares of its common stock (or other securities to be received by a holder of common stock in such Fundamental Change) in partial or full satisfaction of the fundamental change repurchase price, if certain common stock liquidity conditions (as defined in the respective certificate of designations) are not satisfied.

Optional Redemption. On or after the fifth anniversary of the respective Initial Issue Date, the Company may redeem all or any portion of the respective series of the Redeemable Convertible Preferred Stock at a redemption price per share equal to the greater of (a) the Minimum Consideration and (b) an amount equal to the value (calculated based on a twenty (20)-day average daily VWAP) of the number of shares of common stock issuable upon conversion at the Conversion Price on such redemption date. Such redemption price may be paid in cash, shares of common stock valued based on a twenty (20)-day average daily VWAP (with the number of shares of common stock rounded up to the nearest whole share), or a combination thereof, at the Company’s election. The Company may not pay any portion of such redemption price in shares of common stock if the common stock liquidity conditions (as defined in the respective certificate of designations) are not satisfied.

Nasdaq Rules. The number of shares of common stock deliverable upon conversion, redemption or repurchase of the Redeemable Convertible Preferred Stock is limited as required by applicable Nasdaq listing rules, unless the Company shall have obtained any required stockholder approval. Lucid and Ayar have agreed to cooperate reasonably to obtain, and Ayar has agreed to consent in respect of such stockholder approval no later than 18 months following the respective closing of the private placement of each series of the Redeemable Convertible Preferred Stock. The Series A Convertible Preferred Stock is initially convertible into approximately 278.15 million shares of common stock and the Series B Convertible Preferred Stock is initially convertible into approximately 171.24 million shares of common stock.

Remedies for Nonpayment. The dividend rate described above will be increased to a rate not exceeding 15% per annum upon certain events of noncompliance relating to a failure by the Company to deliver consideration due in connection with a fundamental change or optional redemption.

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Warrants

Private Placement Warrants and Working Capital Warrants

The Private Placement Warrants (including the common stock issuable upon exercise of the Private Placement Warrants) are, pursuant to the Investor Rights Agreement, not redeemable by us so long as they are held by the Sponsor or its permitted transferees. The Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis and will be entitled to certain registration rights. The Private Placement Warrants have terms and provisions outlined below.

If holders of the Private Placement Warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of our common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price per share of the warrants by (y) the fair market value. The “fair market value” shall mean the average closing price per share of our common stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

In order to finance transaction costs in connection with an intended initial business combination, the Sponsor loaned us $1,500,000 funds pursuant to the Promissory Note. The principal amount of such Promissory Note was converted into Working Capital Warrants by the Sponsor. The Working Capital Warrants are identical to the Private Placement Warrants issued to the Sponsor.

Anti-Dilution Adjustments

If the number of outstanding shares of our common stock is increased by a stock dividend payable in shares of our common stock, or by a split-up of shares of our common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of our common stock issuable on exercise of each Private Placement Warrant will be increased in proportion to such increase in the outstanding shares of our common stock. A rights offering to holders of our common stock entitling holders to purchase shares of our common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of our common stock equal to the product of (1) the number of shares of our common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for our common stock) multiplied by (2) one minus the quotient of (x) the price per share of our common stock paid in such rights offering divided by (y) the fair market value. For these purposes (1) if the rights offering is for securities convertible into or exercisable for our common stock, in determining the price payable for our common stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (2) fair market value means the volume weighted average price per share of our common stock as reported during the ten trading day period ending on the trading day prior to the first date on which the shares of our common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

In addition, if we, at any time while the Private Placement Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of our common stock on account of such shares of common stock (or other shares of our capital stock into which the warrants are convertible), other than (a) as described above and (b) certain ordinary cash dividends, then the Private Placement Warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and /or the fair market value of any securities or other assets paid on each share of our common stock in respect of such event.

If the number of outstanding shares of our common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of our common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of our common stock issuable on exercise of each Private Placement Warrant will be decreased in proportion to such decrease in outstanding shares of our common stock.

Whenever the number of shares of our common stock purchasable upon the exercise of the Private Placement Warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying

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the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of our common stock purchasable upon the exercise of the Private Placement Warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of our common stock so purchasable immediately thereafter.

In case of any reclassification or reorganization of the outstanding shares of common stock (other than those described above or that solely affects the par value of such shares of common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding shares of common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the Private Placement Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Private Placement Warrants and in lieu of the shares of common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Private Placement Warrants would have received if such holder had exercised their Private Placement Warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each Private Placement Warrants will become exercisable will be deemed to be the weighted average of the kind and amount received per share by such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(l) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the outstanding shares of our common stock, the holder of a Private Placement Warrants will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such warrant holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of our common stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the Warrant Agreement. Additionally, if less than 70% of the consideration receivable by the holders of our common stock in such a transaction is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises the Private Placement Warrants within thirty (30) days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the Warrant Agreement based on the per share consideration minus Black-Scholes Warrant Value (as defined in the Warrant Agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Private Placement Warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the Private Placement Warrant. This formula is to compensate the warrant holder for the loss of the option value portion of the Private Placement Warrant due to the requirement that the warrant holder exercise the warrant within thirty (30) days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market price for an instrument is available.

The Private Placement Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price or on a cashless basis, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive shares of our common stock. After the issuance

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of shares of our common stock upon exercise of the Private Placement Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

Annual Stockholder Meetings

Our current certificate of incorporation and our current bylaws provide that annual stockholder meetings will be held at a date, time and place, if any, as exclusively selected by the Board. To the extent permitted under applicable law, we may conduct meetings by remote communications.

Effects of Our Current Certificate of Incorporation, Our Current Bylaws and Certain Provisions of Delaware Law

Our current certificate of incorporation, our current bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of the Board. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change of control and enhance the ability of the Board to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of the Company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares of our common stock held by stockholders.

Authorized but Unissued Capital Stock

Delaware law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would apply if and so long as our common stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power or then outstanding number of shares of our common stock. Additional shares that may be used in the future may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

The Board may generally issue one or more series of preferred shares on terms calculated to discourage, delay or prevent a change of control of the Company or the removal of our management. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances in one or more series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit plans.

One of the effects of the existence of authorized and unissued and unreserved common stock or preferred stock may be to enable the Board to issue shares to persons friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of the Company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

Business Combinations

In our current certificate of incorporation, we have not opted out of Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in certain “business combinations” with any “interested stockholder” for a three-year period following the time that the stockholder became an interested stockholder, unless:

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prior to such time, the Board approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

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upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of voting stock outstanding at the time the transaction commenced, excluding certain shares; or

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at or subsequent to that time, the business combination is approved by our Board and by the affirmative vote of holders of at least two-thirds of the votes of our outstanding voting stock that is not owned by the interested stockholder.

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Generally, a “business combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an “interested stockholder” is a person who, together with that person’s affiliates and associates, owns, or within the previous three years owned, 15% or more of the votes of our outstanding voting stock. For purposes of this provision, “voting stock” means any class or series of stock entitled to vote generally in the election of directors.

Under certain circumstances, this provision will make it more difficult for a person who would be an “interested stockholder” to effect various business combinations with us for a three-year period. This provision may encourage companies interested in acquiring us to negotiate in advance with our Board because the stockholder approval requirement would be avoided if our Board approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. This provision also may have the effect of preventing changes in our Board and may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Removal of Directors; Vacancies

Under the DGCL, unless otherwise provided in our current certificate of incorporation, directors serving on a board may be removed by the stockholders with or without cause. Our current certificate of incorporation provides that any director may be removed from office by the stockholders, with or without cause, by the affirmative vote of the holders of a majority of the total voting power of all outstanding securities generally entitled to vote in the election of directors, voting together as a single class. However, pursuant to the Investor Rights Agreement, Ayar has the exclusive right to (i) remove its nominees from the Board, and we are required to take all necessary action to cause the removal of any such nominee at the request of Ayar and (ii) designate directors for election or appointment, as applicable, to the Board to fill vacancies created by reason of death, removal or resignation of its nominees to the Board, and we are required to take all necessary action to nominate or cause the Board to appoint, as applicable, replacement directors designated by Ayar to fill any such vacancies created pursuant to clause (i) or (ii) above as promptly as practicable after such designation (and in any event prior to the next meeting or action of the Board or applicable committee). In addition, our current certificate of incorporation provides that, without limiting the rights of any party to the Investor Rights Agreement, vacancies on the Board resulting from death, resignation, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office until such director’s successor shall have been duly elected and qualified or until such director’s earlier death, resignation, or removal. Our current certificate of incorporation provides that, subject to the Investor Rights Agreement, the number of directors constituting the Board can be fixed exclusively by one or more resolutions adopted from time to time solely by the affirmative vote of a majority of the Board.

No Cumulative Voting

Under Delaware law, the right to vote cumulatively does not exist unless the certificate of incorporation specifically authorizes cumulative voting. Our current certificate of incorporation does not authorize cumulative voting. Therefore, stockholders holding a majority in voting power of the shares of our stock entitled to vote generally in the election of directors will be able to elect all of our directors.

Special Stockholder Meetings

Our current certificate of incorporation provides that special meetings of the stockholders may be called only by the Board acting pursuant to a resolution adopted by a majority of the Board. Our current bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of the Company.

Requirements for Advance Notification of Director Nominations and Stockholder Proposals

Our current bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the Board or a committee of the Board. In order for any matter to be properly brought before a meeting of

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our stockholders, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder’s notice must be received by our secretary not less than 90 calendar days nor more than 120 calendar days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our current bylaws also specify requirements as to the form and content of a stockholder’s notice. Our current bylaws allow the chairperson of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also deter, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to influence or obtain control of the Company.

Stockholder Action by Written Consent

Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless our current certificate of incorporation provides otherwise. Our current certificate of incorporation precludes stockholder action by written consent at any time when Ayar and its permitted transferees beneficially own, in the aggregate, less than 50% in voting power of the stock of the Company entitled to vote generally in the election of directors, other than certain rights that holders of our preferred stock may have to act by written consent.

Dissenters’ Rights of Appraisal and Payment

Under the DGCL, with certain exceptions, our stockholders will have appraisal rights in connection with a merger or consolidation. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or consolidation will have the right to receive payment of the fair value of their shares as determined by the Delaware Court of Chancery.

Stockholders’ Derivative Actions

Under the DGCL, any of our stockholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the incident to which the action relates or such stockholder’s stock thereafter devolved by operation of law.

Exclusive Forum

Our current bylaws provide that unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the Company to the Company or the Company’s stockholders, (iii) any action asserting a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of Delaware law or our current certificate of incorporation or our current bylaws (in each case, as they may be amended from time to time), or (iv) any action asserting a claim against the Company or any director or officer or other employee of the Company governed by the internal affairs doctrine shall be a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware), in all cases subject to the court’s having personal jurisdiction over the indispensable parties named as defendants. These provisions do not apply to claims arising under the Securities Act, the Exchange Act, or other federal securities laws for which there is exclusive federal or concurrent federal and state jurisdiction. Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the forum

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provisions in our current bylaws. However, it is possible that a court could find our forum selection provisions to be inapplicable or unenforceable.

Limitation on Liability and Indemnification of Directors and Officers

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. The Company’s current certificate of incorporation provides for this limitation of liability.

Section 145 of the DGCL, provides, among other things, that a Delaware corporation may indemnify any person who was, is or is threatened to be made, party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the corporation’s best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. A Delaware corporation may indemnify any persons who were or are a party to any threatened, pending or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the corporation’ s best interests, provided further that no indemnification is permitted without judicial approval if the officer, director, employee or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses (including attorneys’ fees) which such officer or director has actually and reasonably incurred.

Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation would otherwise have the power to indemnify such person under Section 145.

The Company’s current certificate of incorporation provides that we must indemnify and advance expenses to our directors and officers to the full extent authorized by the DGCL.

We have entered into indemnification agreements with each of our directors and executive officers, and certain other officers. Such agreements may require us, among other things, to advance expenses and otherwise indemnify our officers and directors against certain liabilities that may arise by reason of their status or service as officers or directors, to the fullest extent permitted by law. We intend to enter into indemnification agreements with any new directors and executive officers, and certain other officers, in the future.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, any provision of the Company’s current certificate of incorporation, the Company’s current bylaws, agreement, vote of stockholders or disinterested directors or otherwise. Notwithstanding the foregoing, the Company shall not be obligated to indemnify a director or officer in respect of a proceeding (or part thereof) instituted by such director or officer, unless such proceeding (or part thereof) has been authorized by the Board pursuant to the applicable procedure outlined in the indemnification agreements.

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Section 174 of the DGCL provides, among other things, that a director, who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption, may be held jointly and severally liable for such actions. A director who was either absent when the unlawful actions were approved or dissented at the time may avoid liability by causing his or her dissent to such actions to be entered in the books containing the minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent director receives notice of the unlawful acts.

The Company maintains and expect to maintain standard policies of insurance that provide coverage (1) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (2) to the Company with respect to indemnification payments that the Company may make to such directors and officers.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit the Company and our stockholders. Furthermore, a stockholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.

The Company believes that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

Listing

Our common stock is listed on The Nasdaq Stock Market LLC under the symbol “LCID.”

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Equiniti Trust Company.

We have agreed to indemnify Equiniti Trust Company in its roles as transfer agent, its agents and each of its stockholders, directors, officers and employees against all liabilities, including judgments, costs and reasonable counsel fees that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

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DESCRIPTION OF DEPOSITARY SHARES

We may offer depositary receipts representing fractional shares of our preferred stock, rather than full shares of preferred stock. The shares of preferred stock represented by depositary shares will be deposited under a depositary agreement between us and a bank or trust company that meets certain requirements and is selected by us (the “Bank Depositary”). Each owner of a depositary share will be entitled to all the rights and preferences of the preferred stock represented by the depositary share.

The description in an accompanying prospectus supplement of any depositary shares we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable depositary agreement, which will be filed with the SEC if we offer depositary shares. For more information on how you can obtain copies of any depositary agreement if we offer depositary shares, see “Where You Can Find More Information.” We urge you to read the applicable depositary agreement and any accompanying prospectus supplement in their entirety.

Dividends and Other Distributions

If we pay a cash distribution or dividend on a series of preferred stock represented by depositary shares, the Bank Depositary will distribute such dividends to the record holders of such depositary shares. If the distributions are in property other than cash, the Bank Depositary will distribute the property to the record holders of the depositary shares. However, if the Bank Depositary determines that it is not feasible to make the distribution of property, the Bank Depositary may, with our approval, sell such property and distribute the net proceeds from such sale to the record holders of the depositary shares.

Redemption of Depositary Shares

If we redeem a series of preferred stock represented by depositary shares, the Bank Depositary will redeem the depositary shares from the proceeds received by the Bank Depositary in connection with the redemption. The redemption price per depositary share will equal the applicable fraction of the redemption price per share of the preferred stock. If fewer than all the depositary shares are redeemed, the depositary shares to be redeemed will be selected by lot or pro rata as the Bank Depositary may determine.

Voting the Preferred Stock

Upon receipt of notice of any meeting at which the holders of the preferred stock represented by depositary shares are entitled to vote, the Bank Depositary will mail the notice to the record holders of the depositary shares relating to such preferred stock. Each record holder of these depositary shares on the record date, which will be the same date as the record date for the preferred stock, may instruct the Bank Depositary as to how to vote the preferred stock represented by such holder’s depositary shares. The Bank Depositary will endeavor, insofar as practicable, to vote the amount of the preferred stock represented by such depositary shares in accordance with such instructions, and we will take all action that the Bank Depositary deems necessary in order to enable the Bank Depositary to do so. The Bank Depositary will abstain from voting shares of the preferred stock to the extent it does not receive specific instructions from the holders of depositary shares representing such preferred stock.

Amendment and Termination of the Depositary Agreement

The form of depositary receipt evidencing the depositary shares and any provision of the depositary agreement may be amended by agreement between the Bank Depositary and us. However, any amendment that materially and adversely alters the rights of the holders of depositary shares will not be effective unless such amendment has been approved by the holders of at least a majority of the depositary shares then outstanding. The depositary agreement may be terminated by the Bank Depositary or us only if (1) all outstanding depositary shares have been redeemed or (2) there has been a final distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding up of our company and such distribution has been distributed to the holders of depositary receipts.

Withdrawal of Preferred Stock

Except as may be provided otherwise in an accompanying prospectus supplement, upon surrender of depositary receipts at the principal office of the Bank Depositary, subject to the terms of the depositary

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DESCRIPTION OF DEBT SECURITIES

We may offer debt securities in one or more series, which may be senior debt securities or subordinated debt securities and which may be convertible into another security.

The following description briefly sets forth certain general terms and provisions of the debt securities. The particular terms of the debt securities offered by any prospectus supplement and the extent, if any, to which the following general terms and provisions may apply to the debt securities, will be described in an accompanying prospectus supplement. Unless otherwise specified in an accompanying prospectus supplement, our debt securities will be issued in one or more series under an indenture to be entered into between us and U.S. Bank Trust Company, National Association, as trustee, or such other trustee named therein. A form of the indenture is attached as an exhibit to the registration statement of which this prospectus forms a part. The terms of the debt securities will include those set forth in the indenture and those made a part of the indenture by the Trust Indenture Act of 1939 (“TIA”). You should read the summary below, any accompanying prospectus supplement and the provisions of the indenture in their entirety before investing in our debt securities.

The aggregate principal amount of debt securities that may be issued under the indenture is unlimited. The prospectus supplement relating to any series of debt securities that we may offer will contain the specific terms of the debt securities. These terms may include, among others, the following:

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the title and aggregate principal amount of the debt securities and any limit on the aggregate principal amount of such series;

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any applicable subordination provisions for any subordinated debt securities;

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the maturity date(s) or method for determining same;

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the interest rate(s) or the method for determining same;

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the dates on which interest will accrue or the method for determining dates on which interest will accrue and dates on which interest will be payable and whether interest will be payable in cash, additional securities or some combination thereof;

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whether the debt securities are convertible or exchangeable into other securities and any related terms and conditions;

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redemption or early repayment provisions;

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authorized denominations;

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if other than the principal amount, the principal amount of debt securities payable upon acceleration;

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place(s) where payment of principal and interest may be made, where debt securities may be presented and where notices or demands upon the company may be made;

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the form or forms of the debt securities of the series including such legends as may be required by applicable law;

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whether the debt securities will be issued in whole or in part in the form of one or more global securities and the date as of which the securities are dated if other than the date of original issuance;

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whether the debt securities are secured and the terms of such security;

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the amount of discount or premium, if any, with which the debt securities will be issued;

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any covenants applicable to the particular debt securities being issued;

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any additions or changes in the defaults and events of default applicable to the particular debt securities being issued;

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the guarantors of each series, if any, and the extent of the guarantees (including provisions relating to seniority, subordination and release of the guarantees), if any;

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the currency, currencies or currency units in which the purchase price for, the principal of and any premium and any interest on, the debt securities will be payable;

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•

the time period within which, the manner in which and the terms and conditions upon which we or the holders of the debt securities can select the payment currency;

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our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision;

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any restriction or conditions on the transferability of the debt securities;

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provisions granting special rights to holders of the debt securities upon occurrence of specified events;

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additions or changes relating to compensation or reimbursement of the trustee of the series of debt securities;

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provisions relating to the modification of the indenture both with and without the consent of holders of debt securities issued under the indenture and the execution of supplemental indentures for such series; and

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any other terms of the debt securities (which terms shall not be inconsistent with the provisions of the TIA, but may modify, amend, supplement or delete any of the terms of the indenture with respect to such series of debt securities).

General

We may sell the debt securities, including original issue discount securities, at par or at a substantial discount below their stated principal amount. Unless we inform you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series without the consent of the holders of the debt securities of such series or any other series outstanding at the time of issuance. Any such additional debt securities, together with all other outstanding debt securities of that series, will constitute a single series of securities under the indenture.

We will describe in an accompanying prospectus supplement any other special considerations for any debt securities we sell that are denominated in a currency or currency unit other than U.S. dollars. In addition, debt securities may be issued where the amount of principal and/or interest payable is determined by reference to one or more currency exchange rates, commodity prices, equity indices or other factors. Holders of such securities may receive a principal amount or a payment of interest that is greater than or less than the amount of principal or interest otherwise payable on such dates, depending upon the value of the applicable currencies, commodities, equity indices or other factors. Information as to the methods for determining the amount of principal or interest, if any, payable on any date, and the currencies, commodities, equity indices or other factors to which the amount payable on such date is linked will be described in an accompanying prospectus supplement.

United States federal income tax consequences and special considerations, if any, applicable to any such series will be described in an accompanying prospectus supplement.

We expect most debt securities to be issued in fully registered form without coupons and in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. Subject to the limitations provided in the indenture and in an accompanying prospectus supplement, debt securities that are issued in registered form may be transferred or exchanged at the designated corporate trust office of the trustee, without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.

Global Securities

Unless we inform you otherwise in an accompanying prospectus supplement, the debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified in an accompanying prospectus supplement. Unless and until a global security is exchanged in whole or in part for the individual debt securities, a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor.

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DESCRIPTION OF WARRANTS

For a description of our outstanding warrants, see “Description of Capital Stock — Warrants.”

We may issue warrants for the purchase of shares of our common stock, shares of preferred stock or our debt securities. We may issue warrants independently or together with other securities, and they may be attached to or separate from the other securities. Each series of warrants will be issued under a separate warrant agreement that we will enter into with a bank or trust company, as warrant agent, as detailed in an accompanying prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation, or agency or trust relationship, with you.

The prospectus supplement relating to a particular issue of warrants will describe the terms of those warrants, including, when applicable:

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the offering price;

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the currency or currencies, including composite currencies, in which the purchase price and/or exercise price of the warrants may be payable;

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the number of warrants offered;

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the exercise price and the amount of securities you will receive upon exercise;

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the procedure for exercise of the warrants and the circumstances, if any, that will cause the warrants to be automatically exercised;

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the rights, if any, we have to redeem the warrants;

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the date on which the right to exercise the warrants will commence and the date on which the warrants will expire;

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the name of the warrant agent; and

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any other material terms of the warrants.

After warrants expire they will become void. The prospectus supplement may provide for the adjustment of the exercise price of the warrants.

Warrants may be exercised at the appropriate office of the warrant agent or any other office indicated in an accompanying prospectus supplement. Before the exercise of warrants, holders will not have any of the rights of holders of the securities purchasable upon exercise and will not be entitled to payments made to holders of those securities.

The description in an accompanying prospectus supplement of any warrants we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable warrant agreement, which will be filed with the SEC if we offer warrants. For more information on how you can obtain copies of any warrant agreement if we offer warrants, see “Where You Can Find More Information.” We urge you to read the applicable warrant agreement and any accompanying prospectus supplement in their entirety.

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DESCRIPTION OF SUBSCRIPTION RIGHTS

We may issue subscription rights to purchase shares of our common stock, shares of our preferred stock or our debt securities. We may issue subscription rights independently or together with any other offered security, which may or may not be transferable by the stockholder. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement relating to any subscription rights we may offer will contain the specific terms of the subscription rights. These terms may include the following:

•

the price, if any, for the subscription rights;

•

the number and terms of each share of common stock or preferred stock or debt securities which may be purchased per each subscription right;

•

the exercise price payable for each share of common stock or preferred stock or debt securities upon the exercise of the subscription rights;

•

the extent to which the subscription rights are transferable;

•

any provisions for adjustment of the number or amount of securities receivable upon exercise of the subscription rights or the exercise price of the subscription rights;

•

any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;

•

the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;

•

the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and

•

if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights.

The description in an accompanying prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC if we offer subscription rights. For more information on how you can obtain copies of any subscription rights certificate or subscription rights agreement if we offer subscription rights, see “Where You Can Find More Information.” We urge you to read the applicable subscription rights certificate, the applicable subscription rights agreement and any accompanying prospectus supplement in their entirety.

TABLE OF CONTENTS

DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS

We may issue purchase contracts, including contracts obligating holders to purchase from us, and obligating us to sell to the holders, a specified number of shares of our common stock, shares of our preferred stock or our debt securities at a future date or dates, which we refer to in this prospectus as purchase contracts. The price of the securities and the number of securities may be fixed at the time the purchase contracts are issued or may be determined by reference to a specific formula set forth in the purchase contracts, and may be subject to adjustment under anti-dilution formulas. The purchase contracts may be issued separately or as part of units consisting of a stock purchase contract and our debt securities or preferred securities or debt obligations of third parties, including U.S. treasury securities, or any combination of the foregoing, securing the holders’ obligations to purchase the securities under the purchase contracts, which we refer to herein as purchase units. The purchase contracts may require holders to secure their obligations under the purchase contracts in a specified manner. The purchase contracts also may require us to make periodic payments to the holders of the purchase contracts or the purchase units, as the case may be, or vice versa, and those payments may be unsecured or pre-funded in whole or in part.

The description in an accompanying prospectus supplement of any purchase contract or purchase unit we offer will not necessarily be complete and will be qualified in its entirety by reference to the applicable purchase contract or purchase unit, which will be filed with the SEC if we offer purchase contracts or purchase units. For more information on how you can obtain copies of any purchase contract or purchase unit we may offer, see “Where You Can Find More Information.” We urge you to read the applicable purchase contract or applicable purchase unit and any accompanying prospectus supplement in their entirety.

TABLE OF CONTENTS

PLAN OF DISTRIBUTION

We or the selling securityholders may sell the securities being offered hereby in one or more of the following ways from time to time:

•

to underwriters for resale to purchasers;

•

directly to purchasers;

•

through agents or dealers to purchasers; or

•

through a combination of any of these methods.

In addition, we may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered by and pursuant to this prospectus and any accompanying prospectus supplement. If so, the third party may use securities borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions. We may also loan or pledge securities covered by this prospectus and any accompanying prospectus supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and any accompanying prospectus supplement.

We will identify the specific plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation in a prospectus supplement.

	銷售額最高的六個月 6月30日						截至財政年度, 12月31日，
	2024			2023			2023			2022			2021
	（未經審計）
	（以千爲單位）
收入成本		$	1,811		$	1,339		$	3,590		$	41,753		$	8,737
研究和開發			71,059			65,393			137,703			151,549			137,303
銷售、總務及管理費用			49,319			59,906			117,433			230,198			370,717
重組費用			(1,480)			(1,443)			(1,443)			—			—
總		$	120,709		$	125,195		$	257,283		$	423,500		$	516,757

	截至2024年6月30日			截至12月31日的財政年度
	截至2024年6月30日			2023			2022
	(未經審計)
	（以千爲單位）
資產
現金及現金等價物		$	1,353,581		$	1,369,947		$	1,735,765
總資產			8,223,268			8,512,718			7,879,238
負債
長期負債			1,999,547			1,996,960			1,991,840
普通股權證債務			19,071			53,664			140,590
總負債			4,056,060			3,661,026			3,529,537
可贖回可轉換優先股份
A系可贖回可轉換優先股			651,311			—			—
股東權益
普通股			232			230			183
資本公積			15,063,541			15,066,080			11,752,138
累計虧損			(11,523,001)			(10,198,752)			(7,370,332)
股東權益合計		$	3,515,897		$	4,851,692		$	4,349,701

	第
說明書最新證券資料
本說明書補充說明書		S-ii
可獲取更多信息的地方		S-iii
關於前瞻性陳述的特別說明		S-iv
總結		S-1
發售事項S-2		S-3
歷史綜合財務數據摘要		S-5
關於前瞻性陳述的警語 S-6		S-8
法律事項S-10		S-13
分紅派息		S-14
基本報表		S-15
亞亞投資		S-17
包銷		S-19
非美國持有人的美國聯邦所得稅考慮事項		S-26
疊加效應S-8		S-29
專家		S-29

	招股書
	有關本招股章程					1
	可獲取更多信息的地方					1
	常用術語					3
	疊加效應S-8					5
	本公司					7
	關於前瞻性陳述的警語 S-6					8
	法律事項S-10					9
	證券描述					10
	股本結構描述					11
	存托股描述					22
	債務證券之敘述					24
	説明權證					27
	說明訂閱權					28
	購買合約和購買單位的描述					29
	賣出股份的股東					30
	關於前瞻性陳述的警語S-6					31
	疊加效應S-8					32
	專家					33

	Page
ABOUT THIS PROSPECTUS		1
WHERE YOU CAN FIND MORE INFORMATION		1
FREQUENTLY USED TERMS		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		5
THE COMPANY		7
RISK FACTORS		8
USE OF PROCEEDS		9
DESCRIPTION OF SECURITIES		10
DESCRIPTION OF CAPITAL STOCK		11
DESCRIPTION OF DEPOSITARY SHARES		22
DESCRIPTION OF DEBT SECURITIES		24
DESCRIPTION OF WARRANTS		27
DESCRIPTION OF SUBSCRIPTION RIGHTS		28
DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS		29
SELLING SECURITYHOLDERS		30
PLAN OF DISTRIBUTION		31
LEGAL MATTERS		32
EXPERTS		33