Lucid secures $1.5B total financing from PIF affiliate via convertible preferred and delayed draw term loan

Lucid Group, Inc.

Ayar (PIF affiliate) to buy $750M Series B convertible preferred stock, convertible into ~171M shares at $4.3799/share.
Lucid also enters $750M unsecured delayed draw term loan from Ayar, maturing 2029, with SOFR+5.75% interest rate.
Preferred stock pays 9% PIK dividend; mandatory conversion possible after 3 years if stock hits 200% of conversion price.
Term loan includes $1B minimum liquidity covenant; no draws made as of filing date.
Ayar subject to 12-month lock-up on preferred shares; investor rights agreement amended for registration rights.

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