We acted as special product counsel to the representatives of the initial purchasers on the offering

Davis Polk acted as special product counsel to the representatives of the several initial purchasers in connection with a Rule 144A offering by Lucid Group, Inc. of an aggregate principal amount of $975 million of its 7.00% convertible senior notes due 2031, which included the full exercise of the initial purchasers’ option to purchase an additional $100 million aggregate principal amount of notes. In addition, Davis Polk advised the counterparty to the prepaid forward transaction entered into in connection with the offering. Pursuant to the prepaid forward transaction, Ayar Third Investment Company, a wholly owned subsidiary of the Public Investment Fund of Saudi Arabia, will purchase approximately $636.7 million of Lucid’s Class A common stock, with delivery expected to occur on or about the maturity date for the notes.

Lucid is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world.

The Davis Polk equity derivatives team included partner Mark M. Mendez, counsel M. Faisal Baloch and associates Richard Stockton Bullitt, Jessica Carter and Chanique C. Vassell. The tax team included partner Lucy W. Farr and associate Benjamin Silver. All members of the Davis Polk team are based in the New York office.

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