Lucid Group, Inc. (the "Company"), which is setting new standards with its advanced luxury EVs, today announced that all of its public warrants (the "Public Warrants"), which have been listed and traded on The Nasdaq Stock Market ("Nasdaq") under the symbol "LCIDW," will be delisted from Nasdaq effective before market opens on October 13, 2021.
The Company previously announced the redemption (the "Redemption") of all Public Warrants that remained outstanding at 5:00 p.m. Eastern Time on October 8, 2021, for a redemption price of $0.01 per Public Warrant. As a result of the Redemption, Public Warrants that remained outstanding as of 5:00 p.m. Eastern Time on October 8, 2021 are void and no longer exercisable and their holders have no rights except to receive the redemption price of $0.01 per Public Warrant. In addition, on October 8, 2021, the Company announced that its warrants trading under the symbol "LCIDW" were intended to be delisted on October 28, 2021. After the effectiveness of the Redemption on October 8, 2021, the remaining outstanding warrants of the Company consist of approximately 44.4 million warrants privately placed to the sponsor of the Company's predecessor, exercisable for approximately 44.4 million shares of the Company's Class A common stock, which are currently only held by one warrant holder and are subject to restrictions on transfer.
On October 11, 2021, Nasdaq notified the Company that the Public Warrants continued to be traded, despite the Redemption. As a result, Nasdaq halted trading in the Public Warrants. Subsequently, the Company and Nasdaq agreed that the delisting of the Public Warrants should occur on October 13, 2021 because no Public Warrants remained outstanding following the Redemption. As a result, the Company's Public Warrants will cease trading on Nasdaq on October 13, 2021.
On October 11, 2021, the Company confirmed to Nasdaq that following the redemption, no outstanding warrants trading under the symbol LCIDW remained. As a result, Nasdaq determined to cancel all trades that occurred after 5:00 pm Eastern Time on October 8, 2021 through the trading halt at 2:26 pm Eastern Time on October 11, 2021, and that the warrants trading under the symbol LCIDW will cease trading on Nasdaq on October 13, 2021.
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