Lucid Group Aims To Raise US$1.75 Billion From Notes Offering

Days after receiving a subpoena related to an investigation by the Securities and Exchange Commission, Lucid Group (Nasdaq: LCID) announced on Wednesday a planned private notes offering. The electric vehicle maker intends to offer convertible senior notes due 2026 with a total principal amount of US$1.75 billion.

While the notes’ interest rate is yet to be announced, the firm relayed that this will be payable to the holders semi-annually in arrears. The notes are convertible to cash, company shares, or both at the company’s discretion and timing preference.

The carmaker also relayed that it intends to use the net proceeds on financing its “eligible green investments.” But pending that allocation, the proceeds are intended for business expansion and general corporate purposes, which includes “supporting other potential growth opportunities.”

The initial purchasers will also be granted the option to purchase an additional US$262.5 million worth of notes within 13 days from the first issuance of the notes.

In Q3 2021, the company recorded quarterly revenue of US$0.2 million and operating loss of US$497.1 million.

Lucid Group last traded at US$36.52 on the Nasdaq.


Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Lucid Group’s Looming Lock-Up Expiration Could Cause Underperformance Over the Short Term

Like many development-stage, high valuation stocks, Lucid Group, Inc. (NASDAQ: LCID) has pulled back significantly...

Sunday, January 9, 2022, 01:12:00 PM

Lucid Vs. Lucid: Electric Vehicle Maker Cuts Production Guidance By Half After Claiming Strong Customer Demand

Lucid Group, Inc. (Nasdaq: LCID) might not be living up to its name when it announced...

Thursday, August 4, 2022, 03:42:00 PM

Simply Obscene: Excessive Stock Based Compensation Largely Ignored By Investors

As investors have decided to place an enormous premium on growth stocks over the last...

Sunday, August 28, 2022, 09:00:00 AM

Lucid Motors: Is A Saudi Fund About To Conduct A Buyout?

On January 27, Lucid Group, Inc. (NASDAQ: LCID) shares soared 43% and closed at US$12.87...

Sunday, January 29, 2023, 09:00:00 AM

Lucid Group’s High Valuation Remains An Issue Despite Bullish Events

Lucid Group, Inc. (NASDAQ: LCID) stock has been a standout performer over the last few...

Saturday, September 25, 2021, 09:00:00 AM