Lucid Group, Inc. (Nasdaq: LCID) announced on October 17, 2024, the pricing of its underwritten public offering of 262.4 million shares of common stock, generating approximately $1.67 billion in gross proceeds. The shares will be sold through various methods, including direct sales, broker transactions on Nasdaq, over-the-counter markets, and negotiated transactions, at prevailing or negotiated market prices. The offering is expected to close by October 18, 2024, subject to standard closing conditions. Additionally, Lucid has granted BofA Securities, the sole underwriter, a 30-day option to purchase up to 39.4 million additional shares.
In a concurrent private placement, Lucid’s majority shareholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF), will purchase 374.7 million shares, ensuring PIF maintains its 58.8% ownership stake. The private placement, set to close by October 31, 2024, is contingent on the completion of the public offering. Should the underwriter exercise its option for additional shares, Ayar has committed to purchasing extra stock to retain its ownership percentage.
Lucid plans to utilize the proceeds from both the public offering and the private placement for general corporate purposes, which may include capital expenditures and boosting working capital. The public offering is being conducted under Lucid's existing shelf registration statement filed with the Securities and Exchange Commission (SEC).
Investors interested in the offering can access the prospectus and other related documents via the SEC’s EDGAR database or by contacting BofA Securities directly.
In a concurrent private placement, Lucid’s majority shareholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF), will purchase 374.7 million shares, ensuring PIF maintains its 58.8% ownership stake. The private placement, set to close by October 31, 2024, is contingent on the completion of the public offering. Should the underwriter exercise its option for additional shares, Ayar has committed to purchasing extra stock to retain its ownership percentage.
Lucid plans to utilize the proceeds from both the public offering and the private placement for general corporate purposes, which may include capital expenditures and boosting working capital. The public offering is being conducted under Lucid's existing shelf registration statement filed with the Securities and Exchange Commission (SEC).
Investors interested in the offering can access the prospectus and other related documents via the SEC’s EDGAR database or by contacting BofA Securities directly.