LCID · Lucid Group, Inc.

This filing represents a pivotal capital and strategic inflection point for Lucid: it secures $750 million in committed private financing while materially de-risking its robotaxi commercialization path with Uber. The $550 million PIF placement — structured as senior, dividend-bearing convertible preferred stock — provides near-term liquidity without immediate dilution, while embedding governance rights (voting cap, class vote protections) and financial discipline (dividend accrual, liquidation priority). Critically, the terms reflect PIF’s continued confidence amid execution challenges, as evidenced by Ayar’s agreement to support future Nasdaq stockholder approvals for full conversion. The $200 million Uber common stock investment is operationally symbiotic: it directly funds development of the Midsize Plus, a vehicle explicitly engineered for fleet economics and autonomous integration with Nuro’s ADS software. The expansion of the total vehicle commitment to 35,000 units — combining Gravity Plus and Midsize Plus — signals strong validation of Lucid’s dual-platform strategy and provides multi-year revenue visibility. Concurrently, the $500 million DDTL increase to $2.5 billion, coupled with relaxed covenants, significantly extends Lucid’s runway beyond 2026, reducing near-term refinancing risk. Preliminary Q1 2026 results — $282M revenue and $995M operating loss — align with ongoing heavy investment in manufacturing scale and R&D, but the financing actions directly address the core investor concern: sustaining operations through the pre-revenue phase of robotaxi deployment. As noted in Exhibit 99.1, management frames this as enabling 'autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience' — positioning the Midsize platform not just as a product, but as the economic engine for Lucid’s enterprise strategy.