NEWARK, Calif., Dec. 19, 2022/PRNewswire/ — Lucid Group, Inc.(Nasdaq: LCID; “Lucid”) announced today that it has completed its previously announced “at-the-market” equity offering program.
Through the program, Lucid sold more than 56.2 million shares of its common stock for gross proceeds of approximately $600 million.
The successful capital raise of approximately $1.515 billion, which includes approximately $915 million that Lucid expects to raise through the private placement of approximately 85.7 million shares to an affiliate of the Public Investment Fund (“PIF”), Ayar Third Investment Company (“Ayar”), pending settlement in December 2022, will be used, as previously disclosed, for general corporate purposes, which may include, among other things, capital expenditures and working capital. As previously disclosed, the price that Ayar is paying in the private placement equals the volume-weighted average price achieved in the “at-the-market” offering. This private placement is not a part of the “at-the-market” offering and is in addition thereto. Subject to certain exceptions, Ayar has agreed not to, among other things, offer, sell, pledge or otherwise transfer any shares of our common stock for six months after the date of the private placement.
Lucid expects that the additional capital raised will further strengthen its balance sheet and liquidity position.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Lucid’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Lucid Group
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid’s factory in Casa Grande, Arizona, are currently underway to U.S. and Canadian customers.
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