NEWARK, Calif., March 25, 2024 /PRNewswire/ -- Lucid Group, Inc.
(Nasdaq: LCID; "Lucid") announced today that it has entered into an
agreement with its majority stockholder, Ayar Third Investment
Company ("Ayar"), an affiliate of the Public Investment Fund
("PIF"), to purchase $1.0 billion of
newly created series of convertible preferred stock via private
placement, subject to customary closing conditions.
"We are extremely pleased to receive this strong, continued
support from the PIF, as we work to solidify our place as the
world's leading EV technology company," said Peter Rawlinson, CEO and CTO, Lucid Group.
"We continue to invest for the long term in both our technology and
our vertically integrated manufacturing capabilities, with PIF's
support a key differentiator. With their support, we remain focused
upon accelerating our growth via deliveries, executing key business
initiatives with relentless focus upon cost, and launching our
game-changing Gravity SUV later this year."
Lucid intends to use the net proceeds from the private placement
for general corporate purposes, which may include, among other
things, capital expenditures and working capital.
The convertible preferred stock sold to Ayar in the private
placement will be sold in reliance on the exemption from
registration provided in Section 4(a)(2) of the Securities Act of
1933, as amended.
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, the Air, is a
state-of-the-art luxury sedan with a California-inspired design. Assembled at
Lucid's factories in Casa Grande,
Arizona, and King Abdullah Economic City (KAEC),
Saudi Arabia, deliveries of Lucid
Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
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.
Additional Information
For additional information regarding the transaction, the terms
of the convertible preferred stock and a copy of the form of
certificate of designations for such convertible preferred stock,
please see Lucid's Current Report on Form 8-K filed on March 25, 2024.
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 closing of the private placement to Lucid's majority
stockholder, any potential future offering or capital raises, the
launch of future products including Lucid Gravity, 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 I, Item 1A of Lucid's Annual Report on Form
10-K for the year ended December 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