Lucid Group, Inc. — fact timeline

Lucid Group, Inc. reported first quarter ended March 31, 2023 results: revenue $149.4 million. Guidance reaffirmed.

“Lucid Announces First Quarter 2023 Financial Results NEWARK, Calif. — May 8, 2023 — Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, winner of the 2023 World Luxury Car Award, today announced financial results for its first quarter ended March 31, 2023. Lucid reported first quarter revenue of $149.4 million, having produced 2,314 vehicles at its manufacturing facility in Arizona and delivered 1,406 vehicles during the same period. Lucid plans to manufacture more than 10,000 vehicles in 2023 and ended the quarter with approximately $4.1 billion total liquidity, which is expected to fund the Company at least into the second quarter of 2024.”

Lucid Group, Inc.: Amended certificate of incorporation to provide that any director may be removed by stockholders with or without cause by majority vote (effective 2023-04-24).

“At the Annual Meeting, the Company’s stockholders approved the Company’s Third Amended and Restated Certificate of Incorporation (the “ Certificate ”) to provide that any director may be removed from office by the stockholders of the Company, with or without cause, by the affirmative vote of the holders of a majority of the total voting power of all outstanding securities of the Company generally entitled to vote in the election of directors, voting together as a single class, as described in the Proxy Statement. The Certificate was filed with the Secretary of State of the State of Delaware on April 24, 2023 and became effective on such date.”

Lucid Group, Inc. shareholders approved Approval of the Third Amended and Restated Certificate of Incorporation at the 2023-04-24 meeting.

“5. Approval of the Third Amended and Restated Certificate of Incorporation. The amendment and restatement of the Company’s certificate of incorporation was approved, based on the following results of voting: Votes For Votes Against Abstentions Broker Non-Votes 1,250,213,618 1,930,602 1,550,618 208,277,101”

Lucid Group, Inc. shareholders approved Approval of the Amendment of the Lucid Group, Inc. Amended and Restated 2021 Stock Incentive Plan at the 2023-04-24 meeting.

“4. Approval of the Amendment of the Lucid Group, Inc. Amended and Restated 2021 Stock Incentive Plan. The amendment of the Lucid Group, Inc. Amended and Restated 2021 Stock Incentive Plan was approved, based on the following results of voting: Votes For Votes Against Abstentions Broker Non-Votes 1,228,845,858 23,399,455 1,449,525 208,277,101”

Lucid Group, Inc. shareholders approved Approval, on an Advisory Basis, of the Compensation of Our Named Executive Officers at the 2023-04-24 meeting.

“3. Approval, on an Advisory Basis, of the Compensation of Our Named Executive Officers. The results of the advisory vote regarding the Company’s 2022 executive compensation as disclosed in the Proxy Statement were as follows: Votes For Votes Against Abstentions Broker Non-Votes 1,239,436,893 12,521,821 1,736,124 208,277,101”

Lucid Group, Inc. shareholders approved Ratification of the Selection of the Independent Registered Public Accounting Firm at the 2023-04-24 meeting.

“2. Ratification of the Selection of the Independent Registered Public Accounting Firm. The ratification of the selection of Grant Thornton LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2023, was ratified based on the following results of voting: Votes For Votes Against Abstentions Broker Non-Votes 1,455,196,446 4,574,102 2,201,391 N/A”

Lucid Group, Inc. shareholders approved Election of Directors at the 2023-04-24 meeting.

“1. Election of Directors. The following nine nominees were elected to serve as directors until the Company’s 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified, subject to earlier resignation or removal, based on the following results of voting: Nominee Votes For Votes Withheld Broker Non- Votes Turqi Alnowaiser 1,234,614,345 19,080,493 208,277,101 Glenn R. August 1,240,676,545 13,018,293 208,277,101 Andrew Liveris 1,226,975,405 26,719,433 208,277,101 Sherif Marakby 1,249,601,412 4,093,426 208,277,101 Nichelle Maynard-Elliott 1,246,884,804 6,810,034 208,277,101 Chabi Nouri 1,250,853,149 2,841,689 208,277,101 Peter Rawlinson 1,248,363,356 5,331,482 208,277,101 Ori Winitzer 1,249,644,836 4,050,002 208,277,101 Janet S. Wong 1,249,648,685 4,046,153 208,277,101”

Lucid Group, Inc. announced a restructuring with charges of The Company estimates that it will incur a total of approximately $24 million to $30 million in charges in connection with the Plan, which consist primarily of affecting Entire workforce (global, all organizations and levels) (approximately 1,300 employees, or approximately 18%).

“On March 28, 2023, Lucid Group, Inc. (the “ Company ”) announced a restructuring plan (the “ Plan ”) intended to reduce the Company’s operating expenses in response to evolving business needs and productivity improvements through a reduction of the Company’s current employee workforce by approximately 1,300 employees, or approximately 18%. The Company expects to substantially complete the Plan by the end of the second quarter of 2023, subject to local law and consultation requirements. The Company estimates that it will incur a total of approximately $24 million to $30 million in charges in connection with the Plan, which consist primarily of charges related to employee transition, severance payments, employee benefits, and stock-based compensation. The Company expects that charges of approximately $22 million to $28 million will be recognized primarily in the first quarter of 2023, with the majority of such charges anticipated to be paid by the end of the second quarter of 2023. Subst”

Lucid Group, Inc.: Approved and adopted Second Amended and Restated Bylaws to reflect DGCL amendments, implement universal proxy card rules, and make technical revisions (effective 2023-03-02).

“On March 2, 2023, the Board of Directors (the " Board" ) of Lucid Group, Inc. (the " Company ") approved and adopted amended and restated by-laws (the " Second Amended and Restated Bylaws ") of the Company to: (i) reflect recent amendments to, and align certain provisions with, the Delaware General Corporation Law; (ii) implement procedural and disclosure requirements for director nominees and stockholders proposing director nominees and other business for consideration at the Company’s annual or special meetings of stockholders, including to address the U.S. Securities and Exchange Commission’s recently adopted "universal proxy card" rules; and (iii) make technical and conforming revisions and clarifications.”

Lucid Group, Inc. updated its the fourth quarter and full year ended December 31, 2022 guidance (reaffirmed).

“On February 22, 2023 , Lucid Group, Inc. (“Lucid”) issued a press release announcing its results for the fourth quarter and full year ended December 31, 2022.”

Lucid Group, Inc. reported preliminary financial results for the quarter ended December 31, 2022.

“Lucid Group, Inc. (NASDAQ: LCID), setting new standards with the longest-range, fastest-charging electric car on the market, today announced production and delivery totals for the quarter ended December 31, 2022.”

Lucid Group, Inc. reported the third quarter ended September 30, 2022 results: revenue $195.5M. Guidance reaffirmed.

“6,000 to 7,000 Vehicles • Record quarterly production of 2,282 vehicles, more than triple Q2 • On track for annual production guidance of 6,000 to 7,000 vehicles • Q3 revenue of $195.5M driven by customer deliveries of 1,398 vehicles in the quarter • Strong demand with over 34,000 reservations, representing potential sales of over $3.2B • Announced plans to”

Lucid Group, Inc. entered into IRA Amendment with Ayar Third Investment Company (effective 2022-11-08).

“022 (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”),”

Lucid Group, Inc. entered into Subscription Agreement with Ayar Third Investment Company valued at $915 million (effective 2022-11-08).

“(the “Company”) entered into a Subscription Agreement, dated November 8, 2022 (the “Subscription Agreement”), between the Company and Ayar Third Investment Company, a single shareholder limited”

Mustally Hussain was appointed as Managing Director for Treasury and Financial Services at Lucid Group, Inc..

“Earlier this month, Lucid also appointed Mustally Hussain as Lucid’s Managing Director for Treasury and Financial Services.”

Gagan Dhingra was appointed as Vice President of Accounting and Internal Controls, Principal Accounting Officer at Lucid Group, Inc..

“Lucid previously announced the appointment of Gagan Dhingra as Vice President of Accounting and Internal Controls, Principal Accounting Officer.”

Mike Smuts departed as Vice President of Finance at Lucid Group, Inc..

“As of December 14, 2021, Mike Smuts, the Vice President of Finance of Lucid Group, Inc. (“Lucid” or the “Company”), is separating from the Company.”

Gagan Dhingra was appointed as Vice President of Accounting and Internal Controls, Principal Accounting Officer at Lucid Group, Inc..

“On December 15, 2021, Lucid Group, Inc. (“Lucid” or the “Company”) announced the appointment of Gagan Dhingra as Lucid’s Vice President of Accounting and Internal Controls, Principal Accounting Officer.”