Lucid Group, Inc. announced 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.
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.
