Lucid Group, Inc. Announces Public Investment Fund Commitment of $1.5 Billion

Lucid Group, Inc. (NASDAQ: LCID) (“Lucid”) announced today that it has entered into agreements with its majority stockholder, Ayar Third Investment Company (“Ayar”), an affiliate of the Public Investment Fund (“PIF”), to (i) purchase $750 million of convertible preferred stock via private placement, and (ii) provide for a $750 million unsecured delayed draw term loan facility, subject to certain terms and conditions (the “Delayed Draw Term Loan Facility”).

Lucid Motors crosses the pond to open reservations for the Lucid Air luxury EV in multiple European markets.

Lucid has not borrowed under the Delayed Draw Term Loan Facility.

The convertible preferred stock sold to Ayar in the private placement will be sold, subject to customary closing conditions, in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.

Lucid intends to use the net proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include, among other things, capital expenditures and working capital.