NEWARK, CA — March 25, 2024 — Lucid Group, Inc., a manufacturer of electric vehicles (EVs), announced that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company (“Ayar”), an affiliate of the Public Investment Fund (“PIF”), to purchase $1.0 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions. The funding will help Lucid expand its operations and increase production of its electric cars.
“We greatly appreciate the strong, continued support from the PIF as we strive to solidify our place as the world’s leading EV technology company,” said Peter Rawlinson, CEO and CTO, Lucid Group. “We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF’s support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
Lucid intends to use the net proceeds from the private placement for general corporate purposes, which may include, among other things, capital expenditures and working capital.
Ayar will purchase the convertible preferred stock in the private placement. Moreover, this sale will rely on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
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