Lucid Group, Inc. announced it has drawn an additional $400 million from its Delayed Draw Term Loan (DDTL) facility and appointed three new senior executives to strengthen its commercial, finance, and marketing leadership teams.
Key Details
- Financing: On August 24, 2026, the company drew $400 million from its DDTL facility with Ayar Third Investment Company, an affiliate of the Public Investment Fund.
- Outstanding Loan: This brings the aggregate principal amount outstanding under the DDTL to $1.7 billion, with approximately $800 million of additional borrowing capacity remaining.
- Leadership Appointments: New hires include Shawn Mirabal as President of North America Commercial, Mike Molino as Vice President of Finance, and Angela Zepeda as Vice President, Global Marketing.
- Executive Departure: The filing also notes the finalization of a separation agreement with Gagan Dhingra, the former Senior Vice President of Finance and Accounting, whose departure was previously disclosed.