Lucid Group announced that it priced its underwritten public offering of 262,446,931 shares of its common stock. The public offering is expected to close on or about October 18, 2024, subject to customary closing conditions. BofA Securities is acting as the sole underwriter for the public offering. In addition, Lucid has entered into an agreement with its majority stockholder and affiliate of the Public Investment Fund, Ayar Third Investment Company, pursuant to which Ayar has agreed to purchase 374,717,927 shares of common stock from Lucid in a private placement, at the same price per share initially paid by the underwriter in the public offering. The private placement is expected to close on October 31, 2024 and is subject to completion of the public offering and customary closing conditions. As a result of these purchases, Ayar expects to maintain its approximate 58.8% ownership of Lucid’s outstanding common stock. In addition, Ayar has agreed to purchase from us, in the event that the underwriter exercises its option, additional shares of our common stock to maintain its ownership of Lucid’s outstanding common stock, and an additional closing for such purchase would be held 10 business days after the underwriter’s exercise of its option. Lucid intends to use the net proceeds from the public offering, as well as from the private placement by its majority stockholder, for general corporate purposes, which may include, among other things, capital expenditures and working capital. Aggregate gross proceeds are expected to be approximately $1.67B.

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