The EV startup Lucid Motors filed on Monday evening an S-3 form for an (up to) $8B mixed securities shelf, the resale of about 1.2B shares, and also 44.35M warrants held by existing securityholders.
The company said it “believes that a shelf registration on Form S-3 will provide greater flexibility to raise capital in the future”.
On Monday, Lucid stock closed 0.43% lower at $16.17 per share, down 57.50% year to date.
Lucid SEC File
“Lucid Group, Inc. may from time to time offer and sell common stock, preferred stock, depositary shares representing preferred stock, debt securities, warrants, purchase contracts or units in one or more offerings of up to $8,000,000,000 in aggregate offering price.”
“In addition, this prospectus relates to the issuance by us of up to 44,350,000 shares of the Company’s Class A common stock, par value $0.0001 per share (“common stock”), consisting of (a) 42,850,000 shares of common stock that are issuable upon exercise of the Private Placement Warrants (as defined below) and (b) 1,500,000 shares of common stock issuable upon exercise of the Working Capital Warrants (as defined below),” the company stated.
“The prospectus also relates to the offer and resale from time to time by the selling securityholders named in this prospectus (the “Selling Securityholders”), or their permitted transferees, of (a) up to 1,189,450,445 shares of common stock, consisting of (i) 1,115,163,848 issued and outstanding shares of common stock, (ii) 29,936,597 shares of common stock subject to vesting and/or exercise of the assumed Legacy Lucid Awards (as defined below) and (iii) 44,350,000 shares of common stock issuable upon exercise of the Private Placement Warrants and the Working Capital Warrants, and (b) 44,350,000 warrants representing the Private Placement Warrants and the Working Capital Warrants”.
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As of June 30, the EV maker reported owning $4.6B in cash and cash equivalents, down from the $6.26 billion by the end of 2021 saying it has “sufficient liquidity well into 2023”.
Last week, the company announced the appointment of Derrick Carty as Vice President of Platform Software Engineering. The company enhanced the decades of global experience in software development and user interface expertise including 23 years with Apple.
Lucid revelead in the last weeks two new variants for its Lucid Air model including the Stealth Look and the most recent one the Lucid Air Sapphire featuring a tri-motor that goes from 0 to 100 km/h in less than 2 seconds.
Recently, EV reported that the company recently hired Dave Pachlatko as a Delivery Advisor for the Swiss Market amid the European expansion planned for the upcoming months. Some weeks ago, the company also posted a job vacancy for a Studio Advisor in the Swiss city of Geneva.