PUBLIC INVESTMENT FUND 4

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.