Simpson Thacher represented BofA Securities, Inc. as underwriter in connection with the offering of 173,544,948 shares of common stock of Lucid Group, Inc. (“Lucid”). The offering, which was effected pursuant to a block trade, raised gross proceeds for Lucid of $1.2 billion. Contemporaneously, Lucid entered into a subscription agreement with its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund of the Kingdom of Saudi Arabia (“Ayar”), pursuant to which Ayar agreed to purchase from Lucid $1.8 billion of shares of its common stock in a private placement.
Lucid is a technology and automotive company founded in Silicon Valley in 2007 to develop the next generation of electric vehicle technologies. Lucid intends to use the net proceeds from the block trade and the private placement for general corporate purposes, which may include capital expenditures and working capital.
The Simpson Thacher team included Bill Brentani, Dan Webb, Karen Reyes, Paul Clatterbuck and Katherine Nelson (Capital Markets); Jessica Cohen and Bobbie Burrows (Intellectual Property); Tristan Brown and Allison Sutherland (Executive Compensation and Employee Benefits); Russell Light, Michael Mann and Ed Grais (Tax); Michael Isby (Environmental); and Jennie Getsin (FINRA & Blue Sky).