Lucid Group, Inc S-3, filed Aug 29, 2022

Lucid Group, Inc. (LCID)

S-3 2022-08-29

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	Delaware			85-0891392
	(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)

	Large accelerated filer ☒			Accelerated filer ☐
	Non-accelerated filer ☐ (Do not check if a smaller reporting company)			Smaller reporting company ☐
				Emerging growth company ☐

	Page
About This Prospectus		i
Where You Can Find More Information		iv
Frequently Used Terms		v
Special Note Regarding Forward-Looking Statements		viii
Summary		1
Risk Factors		3
Use Of Proceeds		9
Description of Capital Stock		10
Description of Debt Securities		18
Description of Depositary Shares		26
Description of Warrants		27
Description of Purchase Contracts		28
Description of Units		29
Plan of Distribution		30
Selling Securityholders		35
Material United States Federal Income Tax Consequences		40
Legal Matters		46
Experts		47

Name of Selling Securityholder	Shares of Common Stock Beneficially Owned Prior to Offering		Number of Shares of Common Stock Being Offered		Shares of Common Stock Beneficially Owned After the Offered Shares of Common Stock Are Sold
Name of Selling Securityholder	Shares of Common Stock Beneficially Owned Prior to Offering		Number of Shares of Common Stock Being Offered		Number		Percent
Peter Rawlinson(1)		21,425,832		33,892,034		—		—
Sherry House(2)		120,053		574,492		—		—
Eric Bach(3)		3,106,779		4,252,512		—		—
Michael Bell(4)		446,818		1,107,818		—		—
Andrew Liveris(5)		535,275		1,298,622		—		—
Glenn R. August(6)		—		13,858,569		—		—
Nancy Gioia(7)		—		125,000		—		—
Tony Posawatz(8)		38,369		38,369		—		—
Turqi Alnowaiser(9)		2,070,138		2,070,138		—		—
H.E. Yasir Othman Al-Rumayyan(10)		4,604,595		4,604,595		—		—
Churchill Sponsor IV LLC(11)		51,750,000		51,750,000		—		—
Ayar Third Investment Company(12)		1,015,252,523		1,015,252,523		—		—
Arena Capital Funds(13)		411,500		411,500		—		—
Franklin Funds(14)		2,703,862		2,621,705		82,157		*
José E. Feliciano(15)		833,333		833,333		—		—
Longfellow Investment Management Funds(16)		4,850		4,850		—		—
Magnetar Funds(17)		—		12,404,385		—		—

	Amount to Be Paid
SEC registration fee		$	741,600
FINRA filing fee			225,000
Printing expenses			*
Legal fees and expenses (including Blue Sky fees)			*
Accounting fees and expenses			*
Trustee and transfer agent and registrar fees and expenses			*
Miscellaneous			*
Total		$	*

Exhibit Number		Description
	1.1*	Form of Underwriting Agreement
	2.1	Agreement and Plan of Merger, dated as of February 22, 2021, by and among Churchill Capital Corp IV, Air Merger Sub, Inc., and Atieva, Inc. (incorporated by reference to Exhibit 2.1 to Churchill Capital Corp IV’s Current Report on Form 8-K filed February 22, 2021)
	3.1	Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed July 26, 2021)
	3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed July 26, 2021)
	4.1	Specimen Class A Common Stock Certificate of Lucid Group, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on July 26, 2021)
	4.2	Specimen Warrant Certificate (included in Exhibit 4.3)
	4.3	Warrant Agreement, dated July 29, 2020, between Continental Stock Transfer & Trust Company and Churchill Capital Corp IV (incorporated by reference to Exhibit 4.1 to Churchill Capital Corp IV’s Current Report on Form 8-K filed August 3, 2020)
	4.4	Investor Rights Agreement, dated as of February 22, 2021, by and among Churchill Capital Corp IV, Ayar Third Investment Company, Churchill Sponsor IV LLC and the other parties named therein (incorporated by reference to Exhibit 10.1 to Churchill Capital Corp IV’s Current Report on Form 8-K filed February 22, 2021)
	4.5^	Form of Indenture
	4.6*	Form of Note
	4.7*	Form of Warrant Agreement
	4.8*	Form of Purchase Contract
	4.9*	Form of Unit Agreement
	4.10*	Form of Deposit Agreement (including Form of Depositary Receipt)
	5.1^	Opinion of Davis Polk & Wardwell LLP
	23.1^	Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1 hereto)
	23.2^	Consent of Grant Thornton LLP
	24.1	Power of Attorney (included in the signature page to this registration statement)
	25.1^	Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939 of the Trustee under the Indenture
	107^	Filing Fee Table

Signature	Title	Date
/s/ Peter Rawlinson Peter Rawlinson	Chief Executive Officer, Chief Technology Officer and Director (principal executive officer)	August 29, 2022
/s/ Sherry House Sherry House	Chief Financial Officer (principal financial officer)	August 29, 2022
/s/ Gagan Dhingra Gagan Dhingra	Vice President of Accounting and Internal Controls (principal accounting officer)	August 29, 2022
/s/ Turqi Alnowaiser Turqi Alnowaiser	Director	August 29, 2022
/s/ Glenn R. August Glenn R. August	Director	August 29, 2022
/s/ Nancy Gioia Nancy Gioia	Director	August 29, 2022
/s/ Frank Lindenberg Frank Lindenberg	Director	August 29, 2022

Article 1
Definitions and Incorporation by Reference

Section 1.01. Definitions	1
Section 1.02. Other Definitions	5
Section 1.03. Incorporation by Reference of Trust Indenture Act	6
Section 1.04. Rules of Construction	6

Article 2
The Securities

Section 2.01. Issuable in Series	7
Section 2.02. Establishment of Terms of Series of Securities	7
Section 2.03. Execution and Authentication	10
Section 2.04. Registrar and Paying Agent	11
Section 2.05. Paying Agent to Hold Money in Trust	12
Section 2.06. Securityholder Lists	13
Section 2.07. Exchange and Registration of Transfer	13
Section 2.08. Mutilated, Destroyed, Lost and Stolen Securities	14
Section 2.09. Outstanding Securities	15
Section 2.10. Treasury Securities	16
Section 2.11. Temporary Securities	16
Section 2.12. Cancellation	17
Section 2.13. Defaulted Interest	17
Section 2.14. Global Securities	17
Section 2.15. Computation of Interest	19
Section 2.16. CUSIP and ISIN Numbers	19

Article 3
Redemption

Section 3.01. Notice to Trustee	19
Section 3.02. Selection of Securities to be Redeemed	19
Section 3.03. Notice of Redemption	20
Section 3.04. Effect of Notice of Redemption	21
Section 3.05. Deposit of Redemption Price	21
Section 3.06. Securities Redeemed in Part	21

Article 4
Covenants

Section 4.01. Payment of Principal and Interest	21
Section 4.02. SEC Reports	21
Section 4.03. Compliance Certificate	22

Section 4.04. Stay, Extension and Usury Laws	22
Section 4.05. Corporate Existence	22
Section 4.06. Maintenance of Office or Agency	22
Section 4.07. Money For Securities Payments to be Held in Trust	23
Section 4.08. Waiver of Certain Covenants	24

Article 5
Successors

Section 5.01. When Company May Merge, Etc.	25
Section 5.02. Successor Corporation Substituted	25

Article 6
Defaults and Remedies

Section 6.01. Events of Default	25
Section 6.02. Acceleration of Maturity; Rescission and Annulment	27
Section 6.03. Collection of Indebtedness and Suits for Enforcement by Trustee	29
Section 6.04. Trustee May File Proofs of Claim	30
Section 6.05. Trustee May Enforce Claims without Possession of Securities	31
Section 6.06. Application of Money Collected	31
Section 6.07. Limitation on Suits	31
Section 6.08. Unconditional Right of Holders to Receive Principal and Interest	32
Section 6.09. Restoration of Rights and Remedies	32
Section 6.10. Rights and Remedies Cumulative	33
Section 6.11. Delay or Omission Not Waiver	33
Section 6.12. Control by Holders	33
Section 6.13. Waiver of Past Defaults	33
Section 6.14. Undertaking for Costs	34

Article 7
Trustee

Section 7.01. Duties of Trustee	34
Section 7.02. Rights of Trustee	35
Section 7.03. Individual Rights of Trustee	37
Section 7.04. Trustee’s Disclaimer	37
Section 7.05. Notice of Defaults	37
Section 7.06. Reports by Trustee to Holders	38
Section 7.07. Compensation and Indemnity	38
Section 7.08. Replacement of Trustee	39
Section 7.09. Successor Trustee by Merger, etc.	40
Section 7.10. Eligibility; Disqualification	40
Section 7.11. Preferential Collection of Claims against Company	40

Article 8
Satisfaction and Discharge; Defeasance

Section 8.01. Satisfaction and Discharge of Indenture	41
Section 8.02. Application of Trust Funds; Indemnification	42
Section 8.03. Legal Defeasance of Securities of any Series	43
Section 8.04. Covenant Defeasance	44
Section 8.05. Repayment to Company	46
Section 8.06. Effect of Subordination Provisions	46

Article 9
Amendments and Waivers

Section 9.01. Without Consent of Holders	46
Section 9.02. With Consent of Holders	48
Section 9.03. Limitations	48
Section 9.04. Compliance with Trust Indenture Act	49
Section 9.05. Revocation and Effect of Consents	49
Section 9.06. Notation on or Exchange of Securities	50
Section 9.07. Trustee Protected	50

Article 10
Subordination of Securities

Section 10.01. Agreement to Subordinate	50

Article 11
Miscellaneous

Section 11.01. Trust Indenture Act Controls	50
Section 11.02. Notices	50
Section 11.03. Communication by Holders with Other Holders	51
Section 11.04. Certificate and Opinion as to Conditions Precedent	52
Section 11.05. Statements Required in Certificate or Opinion	52
Section 11.06. Rules by Trustee and Agents	52
Section 11.07. Legal Holidays	52
Section 11.08. No Recourse Against Others	53
Section 11.09. Counterparts	53
Section 11.10. Governing Laws; Waiver of Jury Trial	53
Section 11.11. No Adverse Interpretation of Other Agreements	54
Section 11.12. Successors	54
Section 11.13. Severability	54
Section 11.14. Table of Contents, Headings, Etc.	54
Section 11.15. [Reserved]	54
Section 11.16. [Reserved]	54
Section 11.17. Acts of Holders	54
Section 11.18. Force Majeure	55

Article 12
Sinking Funds

Section 12.01. Applicability of Article	56
Section 12.02. Satisfaction of Sinking Fund Payments with Securities	56
Section 12.03. Redemption of Securities for Sinking Fund	57

§ 310(a)(1)	‎7.10
(a)(2)	‎7.10
(a)(3)	Not Applicable
(a)(4)	Not Applicable
(a)(5)	‎7.10
(b)	‎7.10
§ 311(a)	‎7.11
(b)	‎7.11
§ 312(a)	‎2.06
(b)	‎11.03
(c)	‎11.03
§ 313(a)	‎7.06
(b)(1)	‎7.06
(b)(2)	‎7.06
(c)	‎7.06
(d)	‎7.06
§ 314(a)	‎4.02, ‎4.03
(b)	Not Applicable
(c)(1)	‎11.04
(c)(2)	‎11.04
(c)(3)	Not Applicable
(d)	Not Applicable
(e)	‎11.05
(f)	Not Applicable
§ 315(a)	‎7.01
(b)	‎7.05
(c)	‎7.01
(d)	‎7.01
(e)	‎6.14
§ 316(a)	‎2.10
(a)(1)(A)	‎6.12
(a)(1)(B)	‎6.13
(a)(2)	Not Applicable
(b)	‎6.08
(c)	‎9.05
§ 317(a)(1)	‎6.03
(a)(2)	‎6.04
(b)	‎2.05
§ 318(a)	‎11.01

Term		Defined in Section
“Bankruptcy Law”		‎6.01
“Custodian”		‎6.01

Term		Defined in Section
“Event of Default”		‎6.01
“Journal”		‎11.15
“Legal Holiday”		‎11.07
“mandatory sinking fund payment”		‎12.01
“Market Exchange Rate”		‎11.15
“New York Banking Day”		‎11.16
“optional sinking fund payment”		‎12.01
“Paying Agent”		‎2.04
“Register”		‎2.04
“Registrar”		‎2.04
“successor person”		‎5.01

	U.S. Bank Trust Company, National Association, Trustee
	By:
		Name:
		Title:

	LUCID GROUP, INC.
	By:
		Name:
		Title:

August 29, 2022

Re:	Lucid Group, Inc. 7373 Gateway Boulevard Newark, California 94560

/s/ GRANT THORNTON LLP

San Francisco, California
August 29, 2022

Delaware	85-0891392
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

	By:	/s/ Bradley E. Scarbrough
		Bradley E. Scarbrough
		Vice President

/s/ Jeffrey T. Grubb
Jeffrey T. Grubb

/s/ Robert D. Sznewajs
Robert D. Sznewajs

/s/ Dwight V. Board
Dwight V. Board

/s/ P. K. Chatterjee
P. K. Chatterjee

/s/ Robert Lane
Robert Lane

Dated: August 29, 2022

	By:	/s/ Bradley E. Scarbrough
		Bradley E. Scarbrough
		Vice President

	3/31/2022
Assets
Cash and Balances Due From Depository Institutions	$	612,028
Securities		4,678
Federal Funds		0
Loans & Lease Financing Receivables		0
Fixed Assets		2,935
Intangible Assets		583,387
Other Assets		70,964
Total Assets	$	1,273,992

Liabilities
Deposits	$	0
Fed Funds		0
Treasury Demand Notes		0
Trading Liabilities		0
Other Borrowed Money		0
Acceptances		0
Subordinated Notes and Debentures		0
Other Liabilities		81,226
Total Liabilities	$	81,226

Equity
Common and Preferred Stock		200
Surplus		1,171,635
Undivided Profits		20,931
Minority Interest in Subsidiaries		0
Total Equity Capital	$	1,192,766

Total Liabilities and Equity Capital	$	1,273,992