Summary by Moomoo AI
Lucid Group, Inc. has entered into a significant financial agreement with Ayar Third Investment Company, an affiliate of the Public Investment Fund and Lucid's majority shareholder. On March 29, 2024, Ayar purchased 100,000 shares of Lucid's Series A Convertible Preferred Stock for $1 billion in a private placement. This transaction was part of a Subscription Agreement made on March 24, 2024. The shares were issued in accordance with a Certificate of Designations filed on March 28, 2024, and sold under an exemption from registration under the Securities Act. Additionally, an amendment to the Investor Rights Agreement was made, granting Ayar registration rights for the resale of the Convertible Preferred Stock and the Common Stock issuable upon conversion. These corporate actions, including the unregistered sale of equity securities and material modifications to the rights of security holders, were reported in Lucid Group's Form 8-K filed with the SEC.