PUBLIC INVESTMENT FUND 4
4 · Lucid Group, Inc. · Filed Apr 30, 2026
Research Summary
AI-generated summary of this filing
Lucid (LCID) Public Investment Fund Buys $550M Convertible Preferred
What Happened
- The Public Investment Fund (PIF), a reported 10% owner (via subsidiary Ayar Third Investment Company), acquired 55,000 derivative securities in Lucid Group, Inc. on 2026-04-28. The filing reports a purchase price of $10,000 per unit for a total cash outlay of $550,000,000. The reported instrument is Series C convertible preferred stock, which can convert into Class A common shares under the terms described in the Certificate of Designations.
- This was a purchase (not a sale), which is typically viewed as a bullish capital commitment by an institutional owner rather than routine insider selling.
Key Details
- Transaction date and price: 2026-04-28 — 55,000 units at $10,000.00 each, total $550,000,000 (reported as a derivative purchase, code P).
- Shares owned after transaction: Not specified in the Form 4 filing for this transaction.
- Notable footnotes:
- F1–F3: Each Series C preferred is convertible into Class A common stock per the Certificate of Designations; conversion is subject to price/trigger conditions and the instrument was initially convertible into ~50,850,591 common shares in the aggregate (per filing language).
- F4/Remarks: Ayar is a wholly owned subsidiary of PIF; PIF may be deemed to beneficially own Ayar’s holdings. Two co-managers of Ayar are named as having shared voting power but disclaim pecuniary interest. PIF may be deemed a director by deputization because an Ayar representative serves on Lucid’s board.
- Timeliness: The Form 4 was filed on 2026-04-30 for a 2026-04-28 transaction (filed within the usual two-business-day window).
Context
- This transaction is a purchase of convertible preferred stock (a derivative instrument). Such securities can convert into common shares according to specified rules (price thresholds or conversion events); conversion would increase common share count but is governed by the Certificate of Designations.
- As a 10% institutional investor via a subsidiary, PIF’s purchase reflects an institutional capital allocation rather than an individual executive trade. The filing is factual and does not state any management intent or conversion plans.
Insider Transaction Report
Form 4
PUBLIC INVESTMENT FUND
Director10% Owner
Transactions
- Purchase
Series C Convertible Preferred Stock
[F1][F2][F3][F4]2026-04-28$10000.00/sh+55,000$550,000,000→ 55,000 total(indirect: By Ayar Third Investment Company)→ Class A Common Stock (50,850,591 underlying)
Footnotes (4)
- [F1]Each share of Series C convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder.
- [F2]The Series C convertible preferred stock is convertible (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least the price specified in the Certificate of Designations for the Series C convertible preferred stock, unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series C convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series C convertible preferred stock) in effect as of such conversion date.
- [F3]The Series C convertible preferred stock is initially convertible into approximately 50,850,591 shares of Class A common stock in the aggregate.
- [F4]Ayar Third Investment Company ("Ayar") is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Mr. Yasir Alsalman, the co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.