Lucid Group announced that it has priced its underwritten public offering of 262,446,931 shares of its common stock. The public offering is expected to close on or about October 18, 2024, subject to customary closing conditions. BofA Securities is acting as sole underwriter for the public offering. In addition, Lucid has entered into an agreement with its majority shareholder and Public Investment Fund subsidiary, Ayar Third Investment Company, pursuant to which Ayar has agreed to purchase 374,717,927 common shares of Lucid in a private placement, at the same price. per share initially paid by the underwriter in the public offering. The private placement is expected to close on October 31, 2024 and is subject to the completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects to retain his ownership of approximately 58.8% of Lucid’s outstanding common stock. In addition, in the event the underwriter exercises its option, Ayar has agreed to purchase additional shares of our common stock from us in order to maintain its ownership of the outstanding common stock of Lucid, and an additional closing for such purchase would 10 working days are observed. after the underwriter has exercised his option. Lucid intends to use the net proceeds from the public offering, as well as from the private placement by its majority shareholder, for general corporate purposes, including, among other things, capital expenditures and working capital. Total gross proceeds are expected to be approximately $1.67 billion.
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