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Lucid Group | SC 13D/A: Statement of acquisition of beneficial ownership by individuals (Amendment)-The Public Investment Fund(65.97%),Turqi A. Alnowaiser(65.76%), etc.

SEC ·  Aug 20 16:32
Summary by Moomoo AI
On March 29, 2024, Lucid Group, Inc. filed an amendment to its Schedule 13D with the SEC, indicating significant investment activity by The Public Investment Fund (PIF) of Saudi Arabia and associated entities. The PIF, along with Ayar Third Investment Company and individuals Turqi A. Alnowaiser and Yasir Alsalman, collectively known as the Reporting Persons, have reported substantial ownership stakes in Lucid Group. As of the filing date, PIF directly owns 8,041,393 shares of Lucid Group's Common Stock and may be deemed to beneficially own an additional 1,822,511,290 shares held by Ayar, which includes shares issuable upon conversion of Series B and Series A Convertible Preferred Stock. This brings PIF's total beneficial ownership to approximately 65.97% of Lucid Group's issued and outstanding Common...Show More
On March 29, 2024, Lucid Group, Inc. filed an amendment to its Schedule 13D with the SEC, indicating significant investment activity by The Public Investment Fund (PIF) of Saudi Arabia and associated entities. The PIF, along with Ayar Third Investment Company and individuals Turqi A. Alnowaiser and Yasir Alsalman, collectively known as the Reporting Persons, have reported substantial ownership stakes in Lucid Group. As of the filing date, PIF directly owns 8,041,393 shares of Lucid Group's Common Stock and may be deemed to beneficially own an additional 1,822,511,290 shares held by Ayar, which includes shares issuable upon conversion of Series B and Series A Convertible Preferred Stock. This brings PIF's total beneficial ownership to approximately 65.97% of Lucid Group's issued and outstanding Common Stock. Ayar's direct ownership represents about 65.68% of the company's shares, while Alnowaiser and Alsalman have shared voting power over the shares held by Ayar, with additional personal holdings. The filing also details a private placement transaction where Ayar purchased 75,000 shares of Series B Convertible Preferred Stock from Lucid Group for $750 million, with the shares being convertible into Common Stock at a specified conversion price. The agreement includes a 12-month lock-up period with certain conditions for Ayar. Additionally, Lucid Group entered into a delayed draw term loan credit agreement with Ayar for $750 million, with the proceeds intended for general corporate needs. The filing includes information on the rights and restrictions associated with the Series B Convertible Preferred Stock, including dividend rights, liquidation preference, conversion rights, and voting power.

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