Corporate ActionApr 29, 2026, 04:53 PM
LCID Designates 55,000 Series C Convertible Preferred Shares
AI Summary
Lucid Group, Inc. has formally designated 55,000 shares of Series C Convertible Preferred Stock, each with a par value of $0.0001 and an initial value of $10,000.00. These shares will accrue cumulative dividends at an annual rate of 9%, compounding quarterly, with payments commencing on June 30, 2026. The new series includes specific voting limitations and protective provisions requiring the consent of a majority of holders for certain corporate actions.
Key Highlights
- Designated 55,000 shares of Series C Convertible Preferred Stock with $0.0001 par value.
- Each share has an Initial Value of $10,000.00.
- Annual Dividend Rate set at 9% per annum, compounding quarterly.
- Dividends are payable quarterly, commencing June 30, 2026.
- Voting power is capped at 301.4993 votes per share until stockholder approval.
- Protective provisions require consent of Required Holders for certain corporate actions.
- Beneficial ownership limit is infinity for PIF Investor, 9.9% for other investors.
Price Impact
More from LCID