NEWARK,
Calif., Aug. 29, 2022 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ:LCID), setting new standards with the award-winning
Lucid Air, today announced that it has filed a "universal shelf"
registration statement on Form S-3 with the Securities and Exchange
Commission (the "SEC"). The registration statement would allow
Lucid to raise up to an aggregate of $8
billion in primary capital in one or more offerings over the
three years after the registration statement is declared effective
by the SEC. These capital raises could include common stock,
preferred stock (including in the form of depositary shares),
warrants, debt securities (including convertible debt), purchase
contracts, and/or units (which are typically a combination of two
or more types of securities). If Lucid decides to raise
capital in a future offering using the shelf registration
statement, Lucid will describe the specific details of that future
offering in a prospectus supplement that is filed with the
SEC. However, Lucid is not selling any securities from the
shelf registration statement at this time. Lucid believes that
a shelf registration on Form S-3 will provide greater flexibility
to raise capital in the future.
In addition, Lucid's registration statement on Form S-3 would
register the resale of existing securities that are currently
registered on Lucid's Form S-1 shelf registration statement. Lucid
recently became eligible to use a Form S-3 registration statement,
and Lucid's Investor Rights Agreement requires Lucid to convert the
existing Form S-1 registration statement into a Form S-3
registration statement now that Lucid is eligible to do
so. The securities that are being registered for resale by the
selling securityholders include shares of common stock that are
held by certain of Lucid's affiliates that are party to Lucid's
Investor Rights Agreement, shares of common stock that Lucid sold
in its PIPE private placement in connection with Lucid's de-SPAC
transaction in 2021, the private placement warrants that were
originally issued to Churchill Sponsor IV LLC and remain subject to
a lock-up agreement, and shares of common stock that Lucid may
issue to holders of the private placement warrants upon the
exercise of those warrants. The selling securityholders may not use
the S-3 registration statement to resell their securities until the
S-3 registration statement is declared effective by the
SEC.
The registration statement on Form S-3 has been filed with the
SEC but is not yet effective. These securities may not be sold nor
may offers to buy be accepted under the Form S-3 registration
statement prior to the time the Form S-3 registration statement
becomes effective. This press release shall not constitute an offer
to sell nor the solicitation of an offer to buy the securities that
are proposed to be registered on the Form S-3, nor shall there be
any sale of such securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities law of any such state. Any offer
of securities will occur solely by means of the prospectus included
in the registration statement and one or more prospectus
supplements that would be issued at the time of the offering.
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 Grand Touring features an official EPA estimated 516 miles of
range or 1,050 horsepower. Deliveries of Lucid Air, which is
produced at Lucid's factory in Casa Grande, Arizona, are currently underway to U.S.
customers.
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 the
registration statement on Form S-3, 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
June 30, 2022, as well as other
documents Lucid has filed or will file with the Securities and
Exchange Commission. 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