Lucid Group announces $300M common stock offering, total raise $1.05B

Lucid Group (LCID) announced pricing of its underwritten public offering of its common stock for gross proceeds of $300M. The underwritten offering is expected to close on or about April 15, subject to customary closing conditions. As previously announced, Uber will increase its purchase commitment to at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. Uber has also committed to an additional $200M investment in Lucid, raising Uber’s total investments to $500M to date. Ayar Third Investment has also committed a new investment of $550M of convertible preferred stock, further strengthening the strategic partnership between the PIF and Lucid. Together with the gross proceeds from the underwritten offering, the total raise for these transactions is expected to be approximately $1.05B. BofA Securities is acting as the sole underwriter for the underwritten offering.