Form 4: Lucid Group Director Sells Shares to Cover Tax Obligations

Turqi A. Alnowaiser, a director and 10% owner of Lucid Group, Inc., sold shares to cover tax withholding obligations related to vesting restricted stock units.

Summary

• On July 23, 2024, Turqi A. Alnowaiser, a director of Lucid Group, Inc., disposed of 534 shares of Class A Common Stock.
• The shares were sold at a price of $3.59 per share.
• This transaction was to cover tax withholding and remittance obligations related to the vesting of restricted stock units.
• Following the transaction, Alnowaiser directly owns 2,214,092 shares of Class A Common Stock.
• Alnowaiser is also deemed a beneficial owner of 1,659,315,920 shares of Class A Common Stock through Ayar Third Investment Company, a subsidiary of The Public Investment Fund, but disclaims any pecuniary interest in these shares.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a share sale for tax purposes, which is neither particularly positive nor negative.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The sale of shares by a director could have a minor negative impact on shareholder sentiment, but is unlikely to be significant given the reason for the sale.

Key Dates