Lucid Launches $1 Billion Private Offering of Convertible Notes
Newark, CA – April 2, 2025 – Lucid Group, Inc. (NASDAQ: LCID) announced the private offering of $1 billion in Convertible Senior Notes due 2030, with an option for initial purchasers to buy an additional $100 million in notes.

In connection with the offering, Lucid plans capped call transactions to mitigate potential dilution. The company also expects to repurchase a portion of its existing 1.25% Convertible Notes due 2026 and disclosed that related hedge unwinding could impact stock price movement.

Additionally, Ayar Third Investment Company—a Saudi Public Investment Fund affiliate—plans to enter a prepaid forward transaction for Lucid shares, allowing further hedging activity by investors.

Lucid emphasized that this announcement does not constitute an offer to sell securities, and all transactions are intended for qualified institutional buyers under Rule 144A.

Lucid Group provides preliminary Q1 2025 results and vehicle production update

Lucid Group, Inc. (Nasdaq: LCID) announced preliminary financial and operational results for the first quarter ended March 31, 2025. The company estimates revenue between $232 million and $236 million, with cash, cash equivalents, and investments totaling between $4.485 billion and $4.560 billion at quarter-end.

Lucid’s total liquidity stood at approximately $5.7 billion, factoring in available credit under its DDTL, ABL, and GIB facilities and its investment in Aston Martin. Long-term debt remained at $2.003 billion.

The company produced 2,212 vehicles during the quarter, with more than 600 additional vehicles in transit to Saudi Arabia for final assembly. Lucid delivered 3,109 vehicles in the same period.

These figures are based on preliminary data and may change upon finalization of quarterly financials. Lucid expects to release its complete first-quarter results in its upcoming Form 10-Q filing.

Lucid Group, Inc. has registered for resale up to 100,000 shares of its Series A Convertible Preferred Stock and 75,000 shares of its Series B Convertible Preferred Stock. Additionally, it has registered 297,567,387 shares of Class A Common Stock issuable upon conversion of the Series A Preferred Stock and 177,103,144 shares issuable upon conversion of the Series B Preferred Stock, along with 396,188,386 shares of Common Stock. This registration was filed with the Securities and Exchange Commission as part of a registration statement and a related prospectus supplement.

Lucid Group announced that Taoufiq Boussaid will join the company on January 29, 2025, and will be appointed as Chief Financial Officer after the filing of its FY 2024 Annual Report. He brings experience from N.V. Bekaert S.A., Bombardier Transportation, and United Technologies Corporation. His compensation package includes a $575,000 base salary, a guaranteed target bonus, a $2 million signing bonus, stock grants, and relocation assistance. Current Interim CFO Gagan Dhingra will be promoted to Senior VP of Finance and Accounting, with an increased salary and stock incentives.