Simpson Thacher Represents Bank of America in Block Trade of Lucid’s Common Stock
10.21.24
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Simpson Thacher represented BofA Securities, Inc. as underwriter in connection with Lucid Group, Inc.’s (“Lucid”) offering of 262,446,931 shares of Class A common stock. The offering, which was effected pursuant to a block trade, raised net proceeds for Lucid of approximately $679.5 million, after expenses. 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 374,717,927 shares of its Class A common stock in a private placement for an aggregate purchase price of approximately $970.2 million, after expenses. Lucid granted the underwriter a 30-day option to purchase up to 39,367,040 additional shares in connection with the offering.
Lucid is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. Lucid's goal is to accelerate humanity’s transition to sustainable transportation and energy through the creation of the most advanced EVs.
The Simpson Thacher team included Bill Brentani, Dan Webb, Karen Reyes, Jesse Feng and Julia Gleason (Capital Markets); Bobbie Burrows (Intellectual Property); Tristan Brown and Allison Sutherland (Executive Compensation and Employee Benefits); Russell Light, Michael Mann and Paul Jansch (Tax); Michael Isby (Environmental); and Jennie Getsin and Andrew Pagliughi (FINRA & Blue Sky).