NEWARK,
Calif., Dec. 19, 2022 /PRNewswire/ -- Lucid Group,
Inc. (Nasdaq: LCID; "Lucid") announced today that it has
completed its previously announced "at-the-market" equity offering
program.
Through the program, Lucid sold more than 56.2 million shares of
its common stock for gross proceeds of approximately $600 million.
The successful capital raise of approximately $1.515 billion, which includes approximately
$915 million that Lucid expects to
raise through the private placement of approximately 85.7 million
shares to an affiliate of the Public Investment Fund ("PIF"), Ayar
Third Investment Company ("Ayar"), pending settlement in
December 2022, will be used, as
previously disclosed, for general corporate purposes, which may
include, among other things, capital expenditures and working
capital. As previously disclosed, the price that Ayar is paying in
the private placement equals the volume-weighted average price
achieved in the "at-the-market" offering. This private placement is
not a part of the "at-the-market" offering and is in addition
thereto. Subject to certain exceptions, Ayar has agreed not to,
among other things, offer, sell, pledge or otherwise transfer any
shares of our common stock for six months after the date of the
private placement.
Lucid expects that the additional capital raised will further
strengthen its balance sheet and liquidity position.
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. 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. 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. and Canadian 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 timing
and volume of sales to Lucid's majority stockholder 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 September 30, 2022, 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