Lucid Group, Inc. Announces $600 Million ATM Program and Additional Investment of up to $915 Million by an Affiliate of PIF

NEWARK, Calif., Nov. 8, 2022 /PRNewswire/ -- Lucid Group, Inc. (Nasdaq: LCID; "Lucid") announced today that it has entered into an "at-the-market" program pursuant to an equity distribution agreement, dated November 8, 2022, between the Company and BofA Securities, Inc., Barclays Capital Inc. and Citigroup Global Markets Inc. as managers. Under the at-the-market program, Lucid may sell up to $600 million of shares of its common stock through the managers. Such sales could be made through ordinary brokers' transactions, to or through a market maker, in privately negotiated transactions, in block trades, in transactions that are deemed to be "at-the-market offerings" as defined in Rule 415 under the Securities Act of 1933, as amended, or through a combination of any such methods of sale. The managers may also sell Lucid's common stock by any other method permitted by law.