Lucid raises $1B via convertible preferred stock sale to PIF affiliate Ayar

Lucid Group, Inc.

Ayar purchases 100,000 shares of Series A Convertible Preferred Stock for $1,000,000,000.
Convertible into ~278.15M shares of common stock at initial conversion price of $3.5952/share.
Preferred stock carries 9% annual dividend, compounding quarterly, ranks senior to common.
Conversion permitted only if common closing price is at least $5.50; Ayar subject to 12-month lock-up.
Company may force conversion after third anniversary if stock price exceeds 200% of conversion price for 20 of 30 days.

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 $1,000,000,000.00 (effective 2024-03-24).

Action: entry
Agreement: equity purchase
Counterparty: Ayar Third Investment Company
Value: $1,000,000,000.00
Effective: 2024-03-24

Exact text from the filing

On March 24, 2024, Lucid Group, Inc. (the “Company”) entered into a subscription agreement (the “Subscription Agreement”) between the Company and Ayar Third Investment Company

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

Lucid Group, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-038177

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