NEWARK,
Calif., May 31, 2023 /PRNewswire/ -- Lucid Group,
Inc. (Nasdaq: LCID; "Lucid") announced today that it priced its
underwritten public offering of 173,544,948 shares of its common
stock for aggregate gross proceeds to Lucid of approximately
$1.2 billion. 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. The public offering is expected to close on or
about June 5, 2023, subject to customary closing
conditions.
BofA Securities, Inc. is acting as book-running manager for the
public offering.
In addition, Lucid has entered into an agreement with its
majority stockholder and affiliate of the Public Investment Fund
("PIF"), Ayar Third Investment Company ("Ayar"), pursuant to which
Ayar has agreed to purchase from Lucid 265,693,703 shares of common
stock from Lucid in a private placement, for aggregate gross
proceeds to Lucid 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 relating to the public offering.
Prospective investors should read the 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 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 closing
of the public offering and the private placement 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