Simpson Thacher represented the underwriter in connection with Lucid Group, Inc.’s (“Lucid”) public offering of 36,057,692 shares of Class A common stock. The offering raised net proceeds for Lucid of approximately $291.5 million, after expenses. On the day of the offering, Lucid entered into subscription agreements with (i) SMB Holding Corporation, a subsidiary of Uber Technologies, Inc. (“Uber”), pursuant to which Uber agreed to purchase from Lucid $200 million of its Class A common stock and (ii) 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 $550 million of its Series C Convertible Preferred Stock in a private placement.
Lucid is a technology company creating exceptional mobility experiences through innovation to drive the world forward.
The Simpson Thacher team included Bill Brentani, Dan Webb, Karen Reyes, Jesse Feng, Sabrina Suen and Dean Hasan (Capital Markets); Caroline Geiger, Anthony Tran and Isabella Gonzalez (Intellectual Property); Tristan Brown and Allison Sutherland (Executive Compensation and Employee Benefits); Jonathan Cantor (Tax); Michael Isby (Environmental); Abram J. Ellis, Christine Tillema and Ryan Stalnaker (Regulatory); and Jennie Getsin (FINRA & Blue Sky).