# EDGAR Filing Document

**Accession Number:** 0001874832
**File Stem:** 0001104659-25-121249
**Filing Date:** 2025-12
**Character Count:** 9693
**Document Hash:** b23a6ec4ebd259d62c1b2a8ff5798061
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-121249.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001104659-25-121249

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251125

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251215

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** PUBLIC INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0001767640

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** T0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39408
- **FILM NUMBER:** 251572602

**BUSINESS ADDRESS:**
- **STREET 1:** THE PUBLIC INVESTMENT FUND TOWER,
- **STREET 2:** KING ABDULLAH FINANCIAL DISTRICT (KAFD)
- **CITY:** AL AQIQ DISTRICT, RIYADH
- **STATE:** T0
- **ZIP:** 13519
- **BUSINESS PHONE:** 966 11 813 5001

**MAIL ADDRESS:**
- **STREET 1:** THE PUBLIC INVESTMENT FUND TOWER,
- **STREET 2:** KING ABDULLAH FINANCIAL DISTRICT (KAFD)
- **CITY:** AL AQIQ DISTRICT, RIYADH
- **STATE:** T0
- **ZIP:** 13519
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Ayar Third Investment Co
- **CENTRAL INDEX KEY:** 0001874832

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** T0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39408
- **FILM NUMBER:** 251572601

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O THE PUBLIC INVESTMENT FUND
- **STREET 2:** P.O. BOX 6847
- **CITY:** RIYADH
- **PROVINCE COUNTRY:** T0
- **BUSINESS PHONE:** 966 53 131 1097

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O THE PUBLIC INVESTMENT FUND
- **STREET 2:** P.O. BOX 6847
- **CITY:** RIYADH
- **PROVINCE COUNTRY:** T0
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lucid Group, Inc.
- **CENTRAL INDEX KEY:** 0001811210
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 850891392
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 7373 GATEWAY BLVD.
- **CITY:** NEWARK
- **STATE:** CA
- **ZIP:** 94560
- **BUSINESS PHONE:** (510) 648-3553

**MAIL ADDRESS:**
- **STREET 1:** 7373 GATEWAY BLVD.
- **CITY:** NEWARK
- **STATE:** CA
- **ZIP:** 94560

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Churchill Capital Corp IV
- **DATE OF NAME CHANGE:** 20200714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Annetta Acquisition Corp
- **DATE OF NAME CHANGE:** 20200504

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>PUBLIC INVESTMENT FUND<br><sub>(Last) (First) (Middle)</sub><br>KING ABDULLAH FINANCIAL DISTRICT (KAFD)<br>AL AQIQ DISTRICT<br><sub>(Street)</sub><br>RIYADH, T0 13519<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Lucid Group, Inc. [ LCID ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Ayar Third Investment Co<br><sub>(Last) (First) (Middle)</sub><br>P.O. BOX 6847<br><sub>(Street)</sub><br>RIYADH, T0 11452<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-25 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Lucid Group, Inc. [ LCID ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Forward purchase contract (obligation to buy) | 16.99<sup>(1)</sup> | 2025-11-25 |  | P |  | 1<sup>(1)</sup> |  | 2031-11-01 | 2031-11-01 | Class A Common Stock | 37477050<sup>(2)</sup> | <sup>(1)</sup> | 1<sup>(1)</sup> | I | By Ayar Third Investment Company<sup>(1)(3)</sup> |

---

### Footnotes:

(1) Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

(2) All share numbers reported herein give effect to the 1-for-10 reverse stock split of Lucid's shares of Class A common stock effective on August 29, 2025.

(3) Ayar is a wholly-owned subsidiary of 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 Yasir Alsalman, 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.

**Remarks:**
PIF may be deemed a director by deputization, as Mr. Alnowaiser, an employee of PIF, serves as a representative of Ayar on the Board of Directors of the Issuer.

**Signature:** Public Investment Fund, /s/ Yasir O. AlRumayyan, Governor  
**Date:** 2025-12-15

**Signature:** Ayar Third Investment Company, /s/ Turqi A. Alnowaiser, Co-Manager  
**Date:** 2025-12-15

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**