(RTTNews) – Lucid Group, Inc. (LCID), Wednesday announced the pricing of its offering of $875 million aggregate principal amount of 7.00 percent convertible senior notes due 2031.
Additionally, the technology company has granted the initial purchasers of the notes an option to purchase upto an additional $100 million principal amount of notes.
Notably, the initial conversion rate is 48.0475 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $20.81 per share of common stock.
The Silicon Valley-based company intends to primarily use the proceeds to fund repurchases of approximately $755.7 million aggregate principal amount of its outstanding 1.25 percent Convertible Senior Notes due 2026.
The issuance and sale of the notes are scheduled to settle on or about November 17, 2025.
In the pre-market hours, LCID is trading at $16.91, down 0.47 percent on the Nasdaq.
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