Form 4: Public Investment Fund Reports Conversion of Lucid Group Preferred Stock

The Public Investment Fund (PIF) reports the conversion of Series A convertible preferred stock into Class A common stock of Lucid Group, Inc.

Summary

• On March 29, 2024, the Public Investment Fund (PIF), through its subsidiary Ayar Third Investment Company, converted Series A convertible preferred stock into Class A common stock of Lucid Group, Inc.
• The conversion involved 100,000 shares of Series A convertible preferred stock.
• This stock is convertible into approximately 278,148,643 shares of Class A common stock at an initial conversion price of $3.5952 per share.
• The conversion terms are triggered when the Class A common stock price is at least $5.50, or during specific periods related to a fundamental change or optional redemption by Lucid.
• Following the transaction, PIF, through Ayar, continues to beneficially own shares of Lucid Group.
• Turqi A. Alnowaiser and Yasir Alsalman, co-managers of Ayar, may also be deemed to beneficially own the shares.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing a conversion of stock. It doesn't inherently convey positive or negative sentiment, but reflects a planned financial transaction.

Future Outlook

The document does not contain specific forward-looking statements beyond the terms of the convertible preferred stock.

Industry Context

This filing reflects ongoing investment activity by a major shareholder in an electric vehicle company. Monitoring such transactions provides insights into investor confidence and the financial health of companies in the EV sector.

Stakeholder Impact

• The conversion of preferred stock to common stock may dilute existing shareholders' equity.
• The transaction signals continued investment and support from PIF, which could be viewed positively by the market.

Key Dates