---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-038177"
form_type: "8-K"
ticker: "LCID"
cik: "0001811210"
company_name: "Lucid Group, Inc."
filed_at: "2024-03-25T23:59:59+00:00"
generated_at: "2026-06-04T08:36:50.229966+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-038177
- form_type: 8-K
- ticker: LCID
- cik: 0001811210
- company_name: Lucid Group, Inc.
- filed_at: 2024-03-25T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1811210/000110465924038177/0001104659-24-038177-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1811210/000110465924038177/tm249613d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-038177
- JSON: https://secwatch.observer/filing/0001104659-24-038177.json
- Plain text: https://secwatch.observer/filing/0001104659-24-038177.txt

## Key facts
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1811210/000110465924038177/0001104659-24-038177-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.