Business Context and Reporting Period
Company: Lucid Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 8, 2021
Event: Entry into a Material Definitive Agreement regarding the repurchase of Class A Common Stock.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It details a specific share repurchase transaction:
- Total Shares Repurchased: 857,825 shares of Class A Common Stock.
- Repurchase Price: $24.15 per share.
- Pricing Basis: Average closing price for the three trading days ending October 6, 2021.
- Total Transaction Value: Approximately $20.72 million (calculated as 857,825 shares * $24.15).
Material Changes and Transaction Details
The Company repurchased shares from four individuals (directors and employees of predecessor Atieva, Inc.) to satisfy tax withholding obligations incurred from a prior Series E Preferred Stock purchase on April 2, 2021. Proceeds were immediately applied to remit taxes to U.S. authorities.
Breakdown of Sellers:
- Peter Rawlinson (CEO/CTO): 178,796 shares
- Eric Bach (SVP, Product/Chief Engineer): 195,557 shares
- Michael Bell (SVP, Digital): 33,526 shares
- Tony Posawatz (Director): 14,511 shares
The Board of Directors exempted these repurchases from the standard transfer restriction (lock-up) that otherwise prevented transfers until January 19, 2022.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future operations, or discussion of general business risks. The transaction was approved by the Audit Committee and the Board of Directors.
Investor Verification Checklist
- Verify the impact of the $20.72 million cash outflow on the Company's current liquidity position.
- Confirm the total number of shares outstanding post-repurchase.
- Review the specific tax obligations that necessitated this repurchase to understand the nature of the liability.
- Check subsequent filings for any changes to the lock-up expiration date of January 19, 2022, for remaining restricted shares.