NEWARK,
Calif., May 31, 2023 /PRNewswire/ -- Lucid Group,
Inc. (Nasdaq: LCID; "Lucid") announced today the commencement of a
public offering of 173,544,948 shares of its common stock. The
underwriter may offer the shares of common stock from time to time
for sale in one or more transactions to purchasers directly,
through agents or through brokers in brokerage transactions on
Nasdaq, in the over-the-counter market, through negotiated
transactions or in a combination of such methods, or otherwise at a
fixed price or prices, which may be changed, at market prices
prevailing at the time of sale, at prices related to prevailing
market prices or at negotiated prices.
BofA Securities, Inc. is acting as book-running manager for the
public offering.
In addition, Lucid's majority stockholder and affiliate of the
Public Investment Fund ("PIF"), Ayar Third Investment Company
("Ayar"), has agreed to purchase from Lucid 265,693,703 shares of
Lucid common stock in a private placement for an aggregate purchase
price of approximately $1.8 billion.
The private placement is expected to close on June 26, 2023 and is subject to completion of the
public offering and customary closing conditions. As a result of
these purchases, Ayar expects to maintain its approximate 60.5%
ownership of Lucid's outstanding common stock.
Lucid intends to use the net proceeds from the public offering,
as well as from the private placement by its majority stockholder
for general corporate purposes, which may include, among other
things, capital expenditures and working capital.
The public offering is being made pursuant to Lucid's effective
shelf registration statement on Form S-3, including a base
prospectus, filed with the Securities and Exchange Commission (the
"SEC") and a prospectus supplement. Prospective investors should
read the preliminary prospectus supplement and the accompanying
base prospectus in that registration statement and other documents
that Lucid has filed or will file with the SEC for information
about Lucid and the public offering. You may obtain these documents
for free by visiting EDGAR on the SEC's website at www.sec.gov.
Alternatively, copies of the preliminary prospectus supplement and
the base prospectus may be obtained from BofA Securities,
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC
28255-0001, Attn: Prospectus Department, or by email at
dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of Lucid's common stock, nor
shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
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.
Investor Relations
Contact
investor@lucidmotors.com
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,"
"shall," "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
matters. These forward-looking statements include, but are not
limited to, statements regarding plans and expectations with
respect to Lucid's registration statement on Form S-3, the timing
and size, if any, of the public offering and any private placement
of shares of Lucid's common stock to Lucid's majority stockholder,
any potential future offering or capital raises, and the promise of
Lucid's technology. These statements are based on various
assumptions, whether or not identified in this communication, and
on the current expectations of Lucid's management. These
forward-looking statements are not intended to serve as, and must
not be relied on by any investor as, a guarantee, an assurance, or
a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and may differ
from these forward-looking statements. Many actual events and
circumstances are beyond the control of Lucid. These
forward-looking statements are subject to a number of risks and
uncertainties, including those factors discussed under the heading
"Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on
Form 10-Q for the quarter ended March 31, 2023, as well as
other documents Lucid has filed or will file with the SEC. If
any of these risks materialize or Lucid's assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Lucid currently does not know or that Lucid
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 Lucid's
expectations, plans or forecasts of future events and views as of
the date of this communication. Lucid anticipates that subsequent
events and developments will cause Lucid's assessments to change.
However, while Lucid may elect to update these forward-looking
statements at some point in the future, Lucid specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Lucid's assessments as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE Lucid Group