Lucid Group, Inc. has inked a deal with its primary stockholder, Ayar Third Investment Company, to acquire $1.0 billion of newly issued convertible preferred stock through a private placement. This agreement is contingent upon customary closing conditions. The proceeds from this placement will be utilized by Lucid for general corporate purposes, including capital expenditures and working capital.
The sale of convertible preferred stock to Ayar in this private placement will be as per the exemption from registration outlined in Section 4(a)(2) of the Securities Act of 1933, as amended.
“We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world’s leading EV technology company,” said Peter Rawlinson, CEO and CTO, Lucid Group. “We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF’s support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
