Lucid Group announces public investment fund commitment of $1.5B

Lucid Group announced that it has entered into agreements with its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund, to (i) purchase $750M of convertible preferred stock via private placement, and (ii) provide for a $750M unsecured delayed draw term loan facility, subject to certain terms and conditions. Lucid has not borrowed under the Delayed Draw Term Loan Facility. 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.