Lucid Group announces major stock offering on October 16, 2024
- Lucid Group, Inc. is conducting a public offering of 262,446,931 shares of common stock.
- Ayar Third Investment Company intends to purchase 374,717,927 shares in a private placement concurrently with the public offering.
- The proceeds from both offerings will support Lucid's general corporate purposes, indicating the company's ongoing financial strategy.
On October 16, 2024, Lucid Group, Inc. announced a public offering of 262,446,931 shares of its common stock in Newark, California. The company plans to grant the underwriter a 30-day option to purchase an additional 39,367,040 shares. Concurrently, Ayar Third Investment Company, Lucid's majority stockholder and an affiliate of the Public Investment Fund, intends to purchase 374,717,927 shares in a private placement, contingent on the public offering's completion. The proceeds from both the public offering and private placement will be utilized for general corporate purposes, including capital expenditures and working capital. BofA Securities is the sole underwriter for this offering, which is being conducted under an effective shelf registration statement with the SEC. Investors are encouraged to review the preliminary prospectus and related documents for detailed information about the offering and Lucid's operations. This announcement reflects Lucid's ongoing efforts to secure funding for its growth and operational needs, highlighting the company's strategic partnerships and financial maneuvers in the competitive electric vehicle market.