Lucid raises $3B in equity: $1.8B private placement to Ayar and $1.2B public offering

Lucid Group, Inc.

Ayar (PIF affiliate) to buy 265.7M shares for ~$1.8B, keeping ~60.5% ownership.
Public offering of 173.5M shares for ~$1.2B net proceeds via BofA Securities.
Total net proceeds ~$3.0B; private placement closing expected June 26, 2023.
Ayar receives registration rights for Placement Shares through Second IRA Amendment.
Funds to support Lucid's operations and growth; underwriter indemnification provided.

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 approximately $1.8 billion (effective 2023-05-31).

Action: entry
Agreement: equity purchase
Counterparty: Ayar Third Investment Company
Value: approximately $1.8 billion
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, Lucid Group, Inc. (the “ Company ”) entered into a subscription agreement, dated May 31, 2023 (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 ”), an affiliate of the Public Investment Fund and the Company’s majority shareholder.

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

Lucid Group, Inc. amended Second IRA Amendment with Ayar Third Investment Company (effective 2023-05-31).

Action: amendment
Agreement: equity purchase
Counterparty: Ayar Third Investment Company
Effective: 2023-05-31

Exact text from the filing

On May 31, 2023, concurrently with entering into the Subscription Agreement, the Company entered into an amendment to the Investor Rights Agreement (the “ Second IRA Amendment ”).

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119 material agreements filed in the last 30 days. Browse all material agreements →

Lucid Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-068017

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