SUBSEQUENT EVENTS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In connection with the preparation of the condensed consolidated financial statements for the three months ended March 31, 2026, the Company evaluated subsequent events and concluded there were no subsequent events that required recognition in the condensed consolidated financial statements. Series C Subscription Agreement In April 2026, the Company entered into the Series C Subscription Agreement with Ayar. Pursuant to the Series C Subscription Agreement, the Company issued to Ayar 55,000 shares of its Series C Redeemable Convertible Preferred Stock, par value $0.0001 per share, for an aggregate purchase price of $550.0 million in a private placement. The Series C Redeemable Convertible Preferred Stock sold to Ayar pursuant to the Series C Subscription Agreement was issued pursuant to the Series C Certificate of Designations filed with the Secretary of State of the State of Delaware in April 2026 and was sold in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act. Uber Transactions Vehicle Production Agreement In April 2026, the Company announced the entry into a Second Vehicle Production Agreement (the “Second VPA”, together with the First VPA, the “VPAs”) with Uber, under which Uber and its designated fleet operators have agreed to purchase a minimum commitment (the “Minimum Quantity Guarantee”) of 25,000 Lucid Midsize platform vehicles for use as robotaxis that have been modified to include certain autonomous driving hardware and other features (the “Lucid Midsize Plus vehicles”) over a six-year period following the start of production. Start of production of Lucid Midsize Plus vehicles is targeted to occur in late 2028. Pursuant to the offset provisions under the First VPA we entered into with Uber on July 16, 2025, the Minimum Quantity Guarantee increased the aggregate number of Lucid Gravity Plus and Lucid Midsize Plus vehicles Uber is committed to purchase to at least 35,000 units. Uber Private Placement In April 2026, in connection with the Second VPA, the Company and SMB entered into a subscription agreement, under which the Company issued to SMB, in a private placement, $200.0 million of its common stock. Underwriting Agreement In April 2026, the Company entered into the 2026 Underwriting Agreement with the Underwriter, under which the Underwriter purchased from the Company shares of common stock in a registered offering, and the Company received aggregate net proceeds of $291.5 million. DDTL Credit Facility In April 2026, the Company borrowed $500.0 million under the DDTL Credit Facility. In April 2026, the Company also entered into the DDTL Amendment, pursuant to which the aggregate undrawn delayed commitments under the DDTL Credit Facility were increased by $500.0 million, such that, after giving effect to such increase, the aggregate sum of outstanding delayed draw term loans and aggregate undrawn commitments was increased to approximately $2.5 billion. The DDTL Amendment, among other things, eliminated the minimum liquidity covenant and removed the requirement that the Company fully utilize the borrowing availability under the ABL Credit Agreement (as defined therein) prior to making borrowings under the DDTL Credit Facility.
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