Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Lucid Motors said Wednesday it plans to raise $1 billion through a private offering of convertible senior notes due 2030, alongside reporting its first-quarter vehicle production and delivery figures.
“Lucid also expects to grant the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $100,000,000 principal amount of notes,” the company said in the SEC filing.
In August, Lucid said its top shareholder, Saudi Arabia’s Public Investment Fund (PIF), would inject $1.5 billion in cash. Two months later, the company announced a public offering of about 262.5 million shares.
The Saudi-backed manufacturer said on Wednesday’s SEC filing it may redeem the notes in whole or in part for cash on or after April 6, 2028, and up to the 31st trading day before maturity, but only if its stock price exceeds 130% of the conversion price over a specified period and certain liquidity conditions are met.
The company said it intends to use the proceeds to repurchase a portion of its outstanding 1.25% convertible senior notes due 2026 and to cover the cost of capped call transactions. The remaining funds will go toward general corporate purposes.
The premium carmaker delivered 3,109 vehicles in the first quarter of the year while production stood at 2,212 units — with over 600 vehicles currently in transit to be assembled at Lucid’s plant in Saudi Arabia to be then sold in the Middle East region.
As reported on Tuesday, the company saw its U.S. sales reach a new record in March with 942 units, according to Motor Intelligence estimates, bringing March figures bring US sales for the first quarter to about 2,412 units.
Marc Winterhoff, the interim CEO of the EV maker Lucid Motors, announced last week the company will start customer deliveries in the U.S. of its Gravity model “by the end of April.”
