Uber, PIF back Lucid Group (NASDAQ: LCID) in $1.05B capital raise
Rhea-AI Filing Summary
Lucid Group, Inc. entered an underwriting agreement with BofA Securities for an underwritten public offering of Class A common stock, providing aggregate net proceeds of approximately $291.5 million to Lucid.
Including a $200 million additional investment from Uber and a $550 million convertible preferred stock investment from Ayar Third Investment, the combined capital raise is expected to total approximately $1.05 billion, supporting Lucid’s strategic partnership with Uber and the Public Investment Fund and Uber’s commitment to at least 35,000 Lucid vehicles for its future global robotaxi service.
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Insights
Lucid secures about $1.05B through stock sale and strategic investments.
Lucid Group priced an underwritten common stock offering delivering net proceeds of about $291.5 million. A related press release describes additional capital from strategic partners, including Uber’s new $200 million investment and Ayar Third Investment’s $550 million in convertible preferred stock.
These transactions are expected to raise approximately $1.05 billion in total, pairing balance sheet support with deeper commercial ties. Uber plans to purchase at least 35,000 Lucid vehicles for its future global robotaxi service, highlighting anticipated demand for Lucid’s technology-based products.
The filing also notes customary underwriting terms, indemnification provisions, and use of an effective shelf registration statement on Form S-3ASR. Subsequent company filings and disclosures may clarify how this capital is deployed and how the robotaxi-related commitments progress over time.
8-K Event Classification
Key Figures
Key Terms
Underwriting Agreement financial
shelf registration statement on Form S-3ASR regulatory
convertible preferred stock financial
robotaxi technical
prospectus supplement regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 8.01 Other Events.
Underwriting Agreement
On April 14, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”), between the Company and BofA Securities, Inc. (the “Underwriter”), relating to the issuance and sale (the “Offering”) of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), for aggregate net proceeds, after expenses, to the Company of approximately $291.5 million. The Underwriter may offer the shares of Common Stock from time to time for sale in one or more transactions on the Nasdaq Global Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The Common Stock is being sold pursuant to a prospectus supplement, dated April 14, 2026, and the accompanying prospectus, dated April 14, 2026, each filed with the Securities and Exchange Commission, relating to the Company’s shelf registration statement on Form S-3ASR (File No. 333-295033).
The Company has agreed to indemnify the Underwriter against certain liabilities, including certain liabilities under the Securities Act of 1933, as amended. If the Company is unable to provide the required indemnification, the Company has agreed to contribute to payments the Underwriter may be required to make in respect of those liabilities. In addition, the Underwriting Agreement contains customary representations, warranties and covenants of the Company.
The foregoing description of the Underwriting Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The legal opinion of Skadden, Arps, Slate, Meagher & Flom LLP relating to the Common Stock sold pursuant to the Underwriting Agreement is filed as Exhibit 5.1 to this Current Report on Form 8-K.
A copy of the press release announcing the pricing of the Offering is attached as Exhibit 99.1, and is incorporated into this Item 8.01 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number |
Description |
| 1.1 | Underwriting Agreement, dated April 14, 2026, between Lucid Group, Inc., and BofA Securities, Inc. |
| 5.1 | Opinion of Skadden, Arps, Slate, Meagher & Flom LLP. |
| 23.1 | Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1). |
| 99.1 | Press Release, dated April 14, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 14, 2026
| LUCID GROUP, INC. | ||
| By: | /s/ Taoufiq Boussaid | |
| Taoufiq Boussaid | ||
| Chief Financial Officer | ||
Exhibit 99.1
Lucid Group, Inc. Announces Registered Public Offering of Common Stock; Total Raise of Approximately $1.05 Billion with Previously Announced Investments from Uber and PIF
| · | Lucid prices its $300 million registered offering of common stock |
| · | Uber to increase its total investments in Lucid to $500 million |
| · | Ayar Third Investment Company, an affiliate of the Public Investment Fund, to purchase $550 million of Lucid’s convertible preferred stock |
Newark, Calif. — April 14, 2026 — Lucid Group, Inc. (NASDAQ: LCID), maker of the world’s most advanced electric vehicles, today announced pricing of its underwritten public offering of its common stock for gross proceeds of $300 million. The underwritten offering is expected to close on or about April 15, 2026, subject to customary closing conditions.
As previously announced earlier today, Uber will increase its purchase commitment to at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. Uber has also committed to an additional $200 million investment in Lucid, raising Uber’s total investments to $500 million to date. Ayar Third Investment has also committed a new investment of $550 million of convertible preferred stock, further strengthening the strategic partnership between the PIF and Lucid. Together with the gross proceeds from the underwritten offering, the total raise for these transactions is expected to be approximately $1.05 billion.
BofA Securities is acting as the sole underwriter for the underwritten offering.
The underwritten offering is being made pursuant to Lucid’s effective shelf registration statement on Form S-3ASR, including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”), and a prospectus supplement relating to the underwritten offering. Prospective investors should read the prospectus supplement and the accompanying base prospectus in that registration statement and other documents that Lucid has filed or will file with the SEC for information about Lucid and the underwritten offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the base prospectus may be obtained from BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy shares of Lucid’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Lucid Group
Lucid Group, Inc. (NASDAQ: LCID) is a technology company creating exceptional mobility experiences through innovation to drive the world forward. Built on Lucid’s proprietary technology and software defined vehicle architectures, the company’s lineup of award-winning vehicles brings Lucid’s “Compromise Nothing™” approach to premium segments of the global automotive market. Lucid designs and engineers its products in-house and assembles at its vertically integrated facilities in Arizona and Saudi Arabia, enabling continuous innovation across vehicles, software, and advanced driver assistance and autonomy-ready capabilities.
Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid's expectations related to the closings of and use of proceeds from the underwritten offering and private placements to Uber and Ayar, Uber’s purchase of Lucid Midsize SUV vehicles, Lucid’s expansion into the robotaxi market, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the cautionary language and the Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Current Reports on Form 8-K, and other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Media Contact
media@lucidmotors.com
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
FAQ
What did Lucid Group (LCID) announce in this 8-K filing?
Lucid Group announced an underwritten public offering of its Class A common stock, providing net proceeds of approximately $291.5 million. A related press release also describes additional strategic investments from Uber and Ayar Third Investment, bringing the expected total capital raise to about $1.05 billion.
How much money will Lucid Group (LCID) receive from the stock offering itself?
The company expects aggregate net proceeds of approximately $291.5 million from the underwritten public offering of its Class A common stock. This figure is after expenses, and the shares are being sold pursuant to a prospectus supplement under Lucid’s effective shelf registration statement.
What is the total expected capital raise described for Lucid Group (LCID)?
Lucid expects to raise approximately $1.05 billion in total from the underwritten offering and related investments. This includes gross proceeds of $300 million from the stock offering plus a $200 million investment from Uber and a $550 million convertible preferred stock investment from Ayar Third Investment.
What additional investment is Uber making in Lucid Group (LCID)?
Uber has committed an additional $200 million investment in Lucid, bringing its total investments to $500 million to date. Uber will also increase its purchase commitment to at least 35,000 Lucid vehicles designed for use in Uber’s future global robotaxi service.
What role does Ayar Third Investment play in Lucid Group’s (LCID) financing?
Ayar Third Investment has committed a new investment of $550 million in convertible preferred stock. This investment is described as further strengthening the strategic partnership between the Public Investment Fund and Lucid, and contributes significantly to the approximately $1.05 billion total raise.
Who is underwriting Lucid Group’s (LCID) public stock offering?
BofA Securities, Inc. is acting as the sole underwriter for Lucid’s underwritten public offering of common stock. The shares may be sold through various methods, including transactions on the Nasdaq Global Market, over-the-counter trades, negotiated transactions, or at related market prices.