secwatch.observer — SEC 8-K summary
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Issuer:     Lucid Group, Inc. (LCID)
CIK:        0001811210
Form:       8-K
Filed at:   2024-03-25T23:59:59+00:00
Accession:  0001104659-24-038177
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1811210/000110465924038177/0001104659-24-038177-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1811210/000110465924038177/tm249613d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-038177

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer