AML Partners with Lucid on ultra-luxury high performance electric vehicles; Aston Martin to issue 28.4M new shares to Lucid with up to $323M in cash payments
- Agreement to include access to Lucid's industry-leading technologies and long-term relationship whereby Lucid will supply Aston Martin with select powertrain components for initial and certain future BEV models
- Under the terms of the proposed agreement, Aston Martin would issue 28,352,273 new ordinary shares to Lucid and make phased cash payments to Lucid, with the aggregate value of shares issued and cash payments totalling approximately $232m (£182m)
- Lucid Group would become a c. 3.7% shareholder in Aston Martin Lagonda Global Holdings plc
- Agreement subject to shareholder approval, with irrevocable commitments to vote in favour received from Yew Tree Consortium, Mercedes-Benz and Geely representing 48.1% of issued share capital. As PIF, controlling shareholder of Lucid, cannot vote on the resolution approving entry into the agreement with Lucid, 58.5% of the votes in respect of that resolution are in fact secured