Lucid Group Files 8-K on Exit Costs

Ticker: LCID · Form: 8-K · Filed: 2024-05-24T00:00:00.000Z

Sentiment: neutral

Topics: restructuring, disposal, financial-disclosure

Related Tickers: LCID

TL;DR

Lucid Group (LCID) filed an 8-K detailing exit/disposal costs. Watch for updates.

AI Summary

Lucid Group, Inc. filed an 8-K on May 23, 2024, disclosing costs associated with exit or disposal activities. The filing also included Regulation FD disclosures and financial statements. The company, formerly Churchill Capital Corp IV, is incorporated in Delaware and headquartered in Newark, CA.

Why It Matters

This filing indicates potential restructuring or divestment activities within Lucid Group, which could impact future operations and financial performance.

Risk Assessment

Risk Level: medium — Disclosures about exit or disposal activities can signal financial distress or significant strategic shifts, warranting closer monitoring.

Key Players & Entities

FAQ

What specific activities are associated with the exit or disposal costs disclosed in the 8-K?

The filing does not specify the exact nature of the exit or disposal activities, but it is listed under 'Cost Associated with Exit or Disposal Activities'.

When was this 8-K filing submitted?

The filing was submitted on May 24, 2024, and the date of the earliest event reported is May 23, 2024.

What is Lucid Group's principal executive office address?

Lucid Group's principal executive offices are located at 7373 Gateway Boulevard, Newark, CA 94560.

Has Lucid Group undergone any previous name changes?

Yes, Lucid Group was formerly known as Churchill Capital Corp IV (name change on July 14, 2020) and Annetta Acquisition Corp (name change on May 4, 2020).

What other items are included in this 8-K filing besides exit costs?

The filing also includes disclosures related to Regulation FD and financial statements and exhibits.

From the Filing

0001104659-24-064914.txt : 20240524 0001104659-24-064914.hdr.sgml : 20240524 20240524065830 ACCESSION NUMBER: 0001104659-24-064914 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240523 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240524 DATE AS OF CHANGE: 20240524 FILER: 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 IRS NUMBER: 850891392 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39408 FILM NUMBER: 24980780 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 8-K 1 tm2415482d1_8k.htm FORM 8-K false 0001811210 0001811210 2024-05-23 2024-05-23 iso4217:USD xbrli:shares iso4217:USD xbrli:shares     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934   Date of Report (date of earliest event reported): May 23, 2024   Lucid Group, Inc. (Exact name of registrant as specified in its charter)   Delaware 001-39408 85-0891392 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)       7373 Gateway Boulevard Newark , CA   94560 (Address of Principal Executive Offices)   (Zip Code)   Registrant’s telephone number, including area code: ( 510 ) 648-3553   (Former name or former address, if changed since last report.)   Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):   ¨     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ¨     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ¨     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ¨     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Class A Common Stock, $0.0001 par value per share   LCID   The Nasdaq Stock Market LLC   Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company ¨   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨           Item 2.05 Costs Associated with Exit or Disposal Activities.   On May 24, 2024, Lucid Group, Inc. (the “ Company ”) announced a restructuring plan (the “ Plan ”) intended to optimize the Company’s operating expenses in response to

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