Status:      Clearance

Acquirer:              Public Investment Fund (Saudi Arabia)

Acquired:             Lucid Group, Inc. (U.S.)

Value:                   $200 million

Industry Tags:     Electric Vehicles

In September 2018, Atieva, Inc., d/b/a Lucid Motors (now Lucid Group, Inc.) and its majority shareholder Ayar Third Investment Company, an affiliate of the Public Investment Fund, the sovereign wealth fund of the Kingdom of Saudi Arabia, “entered into a secured convertible loan agreement, a securities purchase agreement and certain other agreements (together, the ‘2018 Series D Agreements’).”  (Lucid Group, Inc., Form 424(b)(3), Aug. 24, 2021, SEC Filing.)  “Under the 2018 Series D Agreements, the Convertible Notes (and any interest accruing thereon) automatically convert into Lucid Series D Preferred Shares at a conversion price of $6.41 per share upon satisfaction of certain conditions, including approval by the Committee on Foreign Investment in the United States (“CFIUS”) . . .”  (Id.)  “In April 2019, upon CFIUS’s approval of PIF’s equity investment into the Company, the Company received the first $200.0 million proceeds from PIF.” (Lucid Group, Inc., Form 424B3, Aug. 4, 2022, SEC Filing.)

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