Lucid Group, Inc. announced that it has entered into a subscription agreement with the returning investor, Ayar Third Investment Company to issue 100,000 shares of its Series A Convertible Preferred Stock, par value $0.0001 per share at a price of $10,000 per share for the aggregate gross proceeds of $1,000,000,000 on March 24, 2024. The Private Placement is expected to close no later than the 10th business day following the date of the Subscription Agreement and is subject to customary closing conditions. The Convertible Preferred Stock will be convertible into the Company?s Class A common stock, par value $0.0001 per share and initially convertible into approximately 278.15 million shares of Common Stock in the aggregate at an initial conversion price of $3.5952 per share.