NEWARK, Calif., Oct. 12, 2021 /PRNewswire/ -- Lucid Group, Inc.
(the "Company"), which is setting new standards with its advanced
luxury EVs, today announced that all of its public warrants (the
"Public Warrants"), which have been listed and traded on The Nasdaq
Stock Market ("Nasdaq") under the symbol "LCIDW," will be delisted
from Nasdaq effective before market opens on October 13, 2021.
The Company previously announced the redemption (the
"Redemption") of all Public Warrants that remained outstanding at
5:00 p.m. Eastern Time on
October 8, 2021, for a redemption
price of $0.01 per Public Warrant. As
a result of the Redemption, Public Warrants that remained
outstanding as of 5:00 p.m. Eastern
Time on October 8, 2021 are
void and no longer exercisable and their holders have no rights
except to receive the redemption price of $0.01 per Public Warrant. In addition, on
October 8, 2021, the Company
announced that its warrants trading under the symbol "LCIDW" were
intended to be delisted on October 28,
2021. After the effectiveness of the Redemption on
October 8, 2021, the remaining
outstanding warrants of the Company consist of approximately 44.4
million warrants privately placed to the sponsor of the Company's
predecessor, exercisable for approximately 44.4 million shares of
the Company's Class A common stock, which are currently only held
by one warrant holder and are subject to restrictions on
transfer.
On October 11, 2021, Nasdaq
notified the Company that the Public Warrants continued to be
traded, despite the Redemption. As a result, Nasdaq halted trading
in the Public Warrants. Subsequently, the Company and Nasdaq agreed
that the delisting of the Public Warrants should occur on
October 13, 2021 because no Public
Warrants remained outstanding following the Redemption. As a
result, the Company's Public Warrants will cease trading on Nasdaq
on October 13, 2021.
On October 11, 2021, the Company
confirmed to Nasdaq that following the redemption, no outstanding
warrants trading under the symbol LCIDW remained. As a result,
Nasdaq determined to cancel all trades that occurred after
5:00 pm Eastern Time on October 8, 2021 through the trading halt at
2:26 pm Eastern Time on October 11, 2021, and that the warrants trading
under the symbol LCIDW will cease trading on Nasdaq on October 13, 2021.
About Lucid Group
Lucid's mission is to inspire the
adoption of sustainable energy by creating the most captivating
electric vehicles, centered around the human experience. The
company's first car, Lucid Air, is a state-of-the-art luxury sedan
with a California-inspired design
underpinned by race-proven technology. Lucid Air features a
luxurious full-size interior space in a mid-size exterior
footprint. Customer deliveries of Lucid Air, which is produced at
Lucid's new factory in Casa Grande,
Arizona, are planned to begin in late October.
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries and
other companies, which are the property of their respective
owners.
Forward-Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target," "continue,"
"could," "may," "might," "possible," "potential," "predict" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements include, but are not limited to,
statements regarding the Company's expectations related to the
start of production and deliveries of the Lucid Air and Lucid
Gravity, the performance, range, and other features of the Lucid
Air, construction and expansion of the Company's AMP-1
manufacturing facility, and the promise of the Company's
technology. These statements are based on various assumptions, and
actual events and circumstances may differ. Forward-looking
statements are subject to a number of risks and uncertainties,
including factors discussed in the Company's Registration Statement
on Form S-1, as amended, the Company's Annual Report on Form 10-K/A
for the year ended December 31, 2020
and the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021, in each case,
under the heading "Risk Factors," as well as other documents of the
Company that are filed, or will be filed, with the Securities and
Exchange Commission. If any of these risks materialize or the
Company's assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that the Company does not
presently know or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company's expectations,
plans or forecasts of future events and views as of the date of
this communication. However, while the Company may elect to update
these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's assessments as of any date subsequent to
the date of this communication.
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SOURCE Lucid Motors