Summary by Moomoo AI
On August 16, 2024, Lucid Group, Inc. completed a significant transaction with Ayar Third Investment Company, an affiliate of the Public Investment Fund and Lucid's majority shareholder. Under the terms of a Subscription Agreement dated August 4, 2024, Ayar purchased 75,000 shares of Lucid's Series B Convertible Preferred Stock for $750 million in a private placement. This transaction was executed in accordance with a Certificate of Designations filed with the State of Delaware and relied on an exemption from registration under the Securities Act of 1933. Concurrently, Lucid Group amended its Investor Rights Agreement to grant Ayar registration rights for the resale of the Convertible Preferred Stock and the Common Stock issuable upon conversion. These developments were disclosed in Lucid Group's Form 8-K filed with the SEC, which includes further details in the exhibits attached to the report.