Lucid secures up to $915M equity investment from majority shareholder Ayar, plus $600M ATM facility

Lucid Group, Inc.

Subscription Agreement with Ayar (PIF affiliate) for up to $915M in common stock private placements through March 31, 2023.
Ayar will purchase shares pro-rata at same price as public offerings, including at-the-market (ATM) sales under a new $600M Equity Distribution Agreement.
Shares sold to Ayar subject to six-month lock-up (with customary exceptions) and registration rights under an amended Investor Rights Agreement.
ATM facility with BofA, Barclays, and Citigroup; shares sold at market prices, commissions up to 2%.
Funding supports Lucid's operations; Ayar's ownership percentage used as basis for pro-rata calculation (~60.4% as of Sept 30, 2022).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lucid Group, Inc. entered into Subscription Agreement with Ayar Third Investment Company valued at $915 million (effective 2022-11-08).

Action: entry
Agreement: equity purchase
Counterparty: Ayar Third Investment Company
Value: $915 million
Effective: 2022-11-08

Exact text from the filing

(the “Company”) entered into a Subscription Agreement, dated November 8, 2022 (the “Subscription Agreement”), between the Company and Ayar Third Investment Company, a single shareholder limited

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lucid Group, Inc. entered into IRA Amendment with Ayar Third Investment Company (effective 2022-11-08).

Action: entry
Counterparty: Ayar Third Investment Company
Effective: 2022-11-08

Exact text from the filing

022 (the “Subscription Agreement”), between the Company and Ayar Third Investment Company, a single shareholder limited liability company organized under the laws of the Kingdom of Saudi Arabia (“Ayar”),

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Lucid Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-115976

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