NEWARK, Calif., Dec. 20, 2021 /PRNewswire/ -- Lucid Group
("Lucid") (Nasdaq: LCID), which is setting new standards with its
advanced luxury EVs, today announced the full exercise of the 15%
"greenshoe" option under the convertible senior notes offering
announced on December 8, 2021,
raising an additional $262,500,000
for Lucid's business under this offering and bringing the total
gross proceeds to $2,012,500,000.
Comprised of green bonds, this offering means that Lucid will spend
an amount equal to the proceeds on eligible green investments in
its business, underscoring the company's commitment to addressing
climate change and environmental challenges.
Today also marked the first day of trading for Lucid Group as
part of the Nasdaq-100 Index®, one of the world's preeminent
large-cap growth indexes.
"This funding will allow Lucid to carry out key milestones and
growth plans further into the future, thereby mitigating risk in
the business. It's also one of the largest green convertible
offerings in market history, reflecting the strength and mission of
our business, our track record of performance, and the enormous
growth opportunity that lies in front of us," said Sherry House, CFO, Lucid Group. "We are also
pleased to begin trading as part of the Nasdaq-100 Index, with
Lucid added as a member of this impressive index of technology and
innovation leaders."
About Lucid Group
Lucid's mission is to inspire the
adoption of sustainable energy by creating advanced
technologies and the most captivating luxury 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 that features
luxurious full-size interior space in a mid-size exterior
footprint. Underpinned by race-proven battery technology and
proprietary powertrains developed entirely in-house, Lucid Air was
named the 2022 MotorTrend Car of the Year®. The Lucid Air
Dream Edition features an official EPA estimated 520 miles of range
or 1,111 horsepower. Customer deliveries of Lucid Air, which is
produced at Lucid's new factory in Casa
Grande, Arizona, are underway.
Media Contact
media@lucidmotors.com
Trademarks
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names and copyrights of Lucid Group, Inc. and its subsidiaries (the
"Company") 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, the promise of the Company's technology,
and the impact of and the use of proceeds from the Company's
convertible senior notes offering. 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
Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 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