NEWARK, Calif. , Oct. 16, 2024 /PRNewswire/ -- Lucid Group, Inc.
(Nasdaq: LCID ; "Lucid") announced today the commencement of a public offering of 262,446,931 shares of its common stock. The underwriter may offer the shares of common stock from time to time for sale in one or more transactions to purchasers directly, through agents or through brokers in brokerage transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or in a combination of such methods, or otherwise at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Lucid intends to grant the underwriter a 30-day option to purchase up to 39,367,040 additional shares of its common stock.
BofA Securities is acting as the sole underwriter for the public offering. In addition, Lucid's majority stockholder and affiliate of the Public Investment Fund ("PIF"), Ayar Third Investment Company ("Ayar"), has indicated that they intend to purchase 374,717,927 shares of common stock from Lucid in a private placement concurrently with the public offering, subject to certain conditions, at the same price per share initially to be paid by the underwriter for the public offering. The private placement is subject to completion of the public offering and customary closing conditions.
As a result of these purchases, Ayar expects to maintain its approximate 58.8% ownership of Lucid's outstanding co.
