Lucid Group, Inc. Announces Successful Capital Raise of Approximately $1.515 Billion

NEWARK, Calif., Dec. 19, 2022 /PRNewswire/ -- Lucid Group, Inc. announced today that it has completed its previously announced at-the-market equity offering program. Through the program, Lucid... |…

Lucid Group, Inc. Announces Successful Capital Raise of Approximately $1.515 Billion

NEWARK, Calif., December 19, 2022 /PRNewswire/ -- Lucid Group, Inc. (Nasdaq; LCID; "Lucid") today announced that it has successfully completed its previously announced "at the market" equity offering program.

Lucid was able to sell more than 56.2 millions shares of its common stock, generating gross proceeds of $600 million.

Lucid anticipates a capital raise of around $1.515 billion. This includes approximately $915million that Lucid will raise through the private placing of approximately 85.7 millions shares to an affiliate, Ayar Third Investment Company ("Ayar") in December 2022. The proceeds of this capital raise, which is pending settlement, will be used for general corporate purposes. These may include capital expenditures or working capital. The price Ayar pays in the private placement is equal to the volume-weighted average of the "at the-market" offering. The private placement is an addition to the "at-the market" offering. Ayar has committed to not, except with certain exceptions, offer, sell or pledge any shares of our common stock within six months of the date of the private placing.

Lucid believes that additional capital will help to strengthen its liquidity and balance sheet.

This press release is not an offer to sell Lucid's stock or the solicitation thereof. Nor shall it be sold in any jurisdiction where such an offer, solicitation, or sale would be illegal prior to registration under any securities laws.

Lucid Group Lucid's mission to encourage the adoption of sustainable energy is to create advanced technologies and luxury electric vehicles that are captivating. It is centered on the human experience. Lucid Air is the Company's first luxury sedan. It features luxurious interior space and a mid-sized exterior footprint. Lucid Air Grand Touring has an official EPA estimate of 516 miles range and 1,050 horsepower. Lucid Air is currently being delivered to U.S. customers and Canadians at Lucid's Casa Grande factory.

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Forward-Looking Statements This communication contains "forward-looking statements" within meaning of the "safe harbour" provisions of United States Private Securities Litigation Reform Act (1996). Forward-looking Statements may be identified using words like "estimate", "plan", "project", "intend," and "anticipate," as well as the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about plans and expectations regarding the timing and volume sales to Lucid’s majority stockholder, and the promise of Lucid’s technology. These statements are based upon various assumptions, regardless of whether they are identified in this communication and on current expectations from Lucid's management. These forward-looking statements do not constitute a guarantee, assurance, or a final statement of facts or probabilities and investors should not rely on them. It is difficult or impossible for anyone to predict what will happen and they may be different from the forward-looking statements. Lucid cannot predict many actual events or circumstances. Forward-looking statements are subjected to risks and uncertainties. These include those discussed under Part II, Item 1A, Lucid's Quarterly Report Form 10-Q for September 30, 2022. Other documents Lucid has filed with the SEC. These forward-looking statements could be incorrect if any of these risks occur or Lucid's assumptions are wrong. Actual results may differ materially. Other risks exist that Lucid does not currently know about or believes to be immaterial. These additional risks could cause actual results that are different from the forward-looking statements. Forward-looking statements also reflect Lucid’s views, expectations, and plans for future events as of the date this communication. Lucid expects that future events and developments may cause Lucid's assessment to change. Lucid could choose to make forward-looking statements in the future. However, Lucid expressly disclaims any obligation. These forward-looking statements are not intended to represent Lucid's views as of the date of this communication. These forward-looking statements should not be relied upon in any way.

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SOURCE Lucid Group