Lucid Group, Inc. Announces Public Offering of Common Stock and Related Investment by an Affiliate of PIF

NEWARK, CALIFORNIA., Oct 16, 2024 /PRNewswire/ — Lucid Group, Inc. (Nasdaq: LCID; “Lucid”) today announced the commencement of a public offering of 262,446,931 shares of its common stock. The underwriter may from time to time offer the common shares for sale to purchasers in one or more transactions directly, through agents or through brokers in brokerage transactions on Nasdaq, in the over-the-counter market, through negotiated transactions or in any combination of these methods or others Either at a fixed price or at prices subject to change, at market prices in force at the time of sale, at prices based on 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 common stock.

BofA Securities is acting as sole underwriter for the public offering.

Additionally, Lucid's majority shareholder and subsidiary is the Public Investment Fund (“PIF”), Ayar Third Investment Company (“Ayar”) has indicated that it intends, concurrently with the public offering and subject to certain conditions, to acquire 374,717,927 common shares of Lucid in a private placement at the same price per share originally paid by the underwriter for the public offering. The private placement is subject to the completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects that the Company will continue to own approximately 58.8% of Lucid's outstanding common shares. In addition, Ayar has indicated that, in the event the underwriter exercises its option, they intend to purchase additional shares of our common stock from us to maintain its ownership of Lucid's outstanding common stock and that an additional closing for such purchase would take place 10 days after the underwriter exercises the option.

Lucid intends to use the net proceeds from the public offering and the private placement by its majority shareholder for general corporate purposes, which may include, but are not limited to, capital expenditures and working capital.

The public offering is being made pursuant to Lucid's effective registration statement on Form S-3, including a base prospectus, filed with the Securities and Exchange Commission (The “SEC“) and a prospectus supplement relating to the public offering. Prospective investors should read the preliminary prospectus supplement and the accompanying base prospectus contained in this registration statement and other documents that Lucid has filed or will file with the SEC for information about Lucid and the public offering. You can obtain these documents for free by visiting EDGAR on the SECs website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the base prospectus may be requested from BofA Securities, Inc.NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, e.g. Attention: Prospectus Department, or by email to [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to purchase shares of Lucid common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale occurs would be unlawful to register or qualify under the securities laws of any such jurisdiction.

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Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “estimate,” “plan,” “project,” “predict.” “, “intend”, “will”, “should”, “expect”, “anticipate”, “believe”, “aim”, “aim”, “continue”, “could”, “may”, “could”, “possible,” “potential,” “predict,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical fact. These forward-looking statements include, without limitation, statements regarding plans and expectations with respect to Lucid's registration statement on Form S-3, the timing, amount and use of any proceeds from the public offering and a private placement of Lucid's common stock to the majority stockholder of Lucid, any future offerings or capital raises, the promise of Lucid's technology, and Lucid's goal. These statements are based on various assumptions, whether or not stated in this release, and on the current expectations of Lucid's management. These forward-looking statements are not intended to be guarantees, assurances or definitive statements of fact or probability and should not be relied upon as such by any investor. Actual events and circumstances are difficult or impossible to predict and may differ from those in these forward-looking statements. Many actual events and circumstances are beyond Lucid's control. These forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed under the heading “Risk Factors” in Part II, Item 1A. Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and other documents that Lucid has filed or will file with the SEC. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from those implied by these forward-looking statements. There may be additional risks that Lucid is not currently aware of or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or projections of future events and views as of the date hereof. Lucid expects that subsequent events and developments will change Lucid's views. Although Lucid may elect to update these forward-looking statements at a later date, Lucid expressly disclaims any obligation to do so, except as required by applicable securities laws. These forward-looking statements should not be relied upon as representing Lucid's estimates as of any date subsequent to the date of this release. Therefore, undue reliance should not be placed on the forward-looking statements.

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SOURCE Lucid Group