DAMMAM, Saudi Arabia, April 3, 2025 /PRNewswire/ — Nanoprecise Sci Corp is pleased to announce that Arabian Fiberglass Insulation Company (AFICO), a subsidiary of Gulf Insulation Group and Zamil Industrial, has become one of the first manufacturing companies in Saudi Arabia to adopt its industry leading Energy-Centered Predictive Maintenance solution. This strategic move reinforces AFICO’s strong commitment to operational efficiency, technological innovation and sustainability.

Nanoprecise Sci Corp specializes in AI-driven predictive maintenance technology that enables manufacturers to not just monitor the health and performance of their industrial assets but also provides visibility into excess energy consumption caused by faulty machinery. By leveraging 6-in-1 IoT sensors, AI algorithms, and data analytics, the solution empowers companies to detect and identify potential failures before they occur, reducing downtime and optimizing maintenance strategies.

“We are thrilled to collaborate with AFICO as they integrate our Energy-Centered Predictive Maintenance solution into their operations,” said Sunil Vedula, Founder and CEO at Nanoprecise. “This agreement highlights the growing demand for advanced condition monitoring solutions in the region, and we look forward to supporting AFICO in achieving greater reliability, efficiency and sustainability.”

Eyad Al Owaid, CEO at AFICO, also expressed enthusiasm about the collaboration: “At AFICO, we are always looking for ways to enhance our operational efficiency and ensure the reliability of our manufacturing processes. Nanoprecise’ s solution provides us with valuable machine health insights that help us reduce unplanned downtime, improve asset performance & most importantly avoid excessive energy consumption. We are excited to implement this technology as part of our commitment to innovation, sustainability and excellence.” With this deployment, AFICO is setting a new benchmark for smart manufacturing in Saudi Arabia, showcasing the power of AI-driven predictive maintenance in industrial environments.

“The cost of unplanned downtime in the insulation business, far outweighs the investment in IoT-driven predictive maintenance,” commented Abdul Bary Atassi, CIO at ZI ITG. “Smart sensors and data analytics are the keys to transitioning from ‘fix it when it breaks’ to ‘prevent it from breaking’. With Nanoprecise technology we are able to achieve this with an easy and quick setup, and at a reasonable cost.

About Nanoprecise:

Nanoprecise Sci Corp is a global leader in predictive maintenance solutions, empowering industries to achieve operational excellence, reduce unplanned downtime, and meet sustainability goals through advanced technology. Established in 2017, Nanoprecise specializes in integrating cutting-edge Artificial Intelligence (AI) and Industrial Internet of Things (IIoT) technology to provide energy-centered maintenance (ECM) solutions for a wide array of industrial machinery. 

About Arabian Fiberglass Insulation Company (AFICO):

Established in 1981, Arabian Fiberglass Insulation Company (AFICO) is a leading manufacturer of fiberglass (glass wool) thermal and acoustical insulation products in the Middle East. Headquartered in Dammam, Saudi Arabia, AFICO operates state-of-the-art manufacturing facilities, including a plant in Dammam Second Industrial City. AFICO offers a comprehensive range of insulation solutions for various applications, including HVAC systems, building insulation, and specialized industrial uses. Their product portfolio encompasses mechanical board insulation, duct liners, residential cavity wall insulation, and pipe.

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Former Deputy Director of the Energy Portfolio for DOD’s Defense Innovation Unit named to key role at DataShapes AI

CHARLOTTESVILLE, Va., April 3, 2025 /PRNewswire/ — DataShapes AI, Inc., a leading innovator in the field of artificial intelligence (AI), distributed AI agents, and data-driven solutions for the electromagnetic spectrum, announced today that Sarah Cuellar, a former executive with the DOD’s Defense Innovation Unit, has been named Vice President of Strategic Partnerships and tasked with developing the partnerships and fostering the key relationships that will propel the startup into its next phase of active growth. Ms. Cuellar’s expertise will be key as she identifies opportunities to collaborate on initiatives and positions DataShapes AI as a trusted partner in both the defense and commercial markets.

“We’re extremely fortunate to have someone with Sarah’s background and abilities as we move the company forward,” said Logan D. Selby, CEO of DataShapes AI. “Sarah’s experience at the DOD’s Defense Innovation Unit and Office of the Under Secretary of Defense for Research and Engineering will be a tremendous asset for identifying the partnerships and executing the strategies that will take DataShapes AI into the future. Her background will be invaluable for building relationships with both industry stakeholders and in the federal government. We are absolutely thrilled that Sarah has decided to join us.”

As the Deputy Director for the Energy Portfolio at DIU, Ms. Cuellar was responsible for more than 25 energy projects and $383 million in project funding and also served as the Combatant Command Embed to United States Southern Command. Prior to her role at DIU, Ms. Cuellar was employed by the Office of the Under Secretary of Defense for Research and Engineering Liaison Officer for United States Southern Command where she oversaw eight Joint Capabilities Technology Demonstrations (JCTD), two Rapid Innovation Fund (RIF), one Rapid Reaction Technology Office (RRTO), and one Rapid Defense Experimentation Reserve (RDER) valued at over 175 million dollars.

Before working at the DIU, Ms. Cuellar worked as a Senior Public Private Partnerships Coordinator, where she created and sustained strategic relationships with local in-country non-governmental organizations (NGOs), businesses and academic institutions in over 14 countries in Latin America and the Caribbean. Ms. Cuellar was selected to serve as an advisor to the Commander’s Action Group to attain key partnerships with academia, service academies, and think tanks. Prior to her role in the J9, she was the Civil Affairs Operations Noncommissioned Officer in charge at United States Southern Command where her duties included coordinating and overseeing all Reserve General Purpose Joint Civil Affairs forces deployed in the western hemisphere.

Ms. Cuellar received a master’s degree from Florida International University in Global Risks and Political Affairs. She retired from the US Army Reserve in 2024 after twenty years of serving her country.

About DataShapes AI

DataShapes AI delivers automated, real-time electromagnetic spectrum insights for commercial and government applications. Our software integrates seamlessly with any hardware, incorporating advanced analytics to extract actionable intelligence from signals and waveforms. Operating flexibly on devices without the need for costly infrastructure, we accelerate decision-making across land, sea, air, and space.

CONTACT:

Logan D. Selby, PhD
CEO, DataShapes AI
info@datashapesai.com

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SOURCE DataShapes AI

NEWARK, Calif., April 3, 2025 /PRNewswire/ — Lucid Group, Inc. (Nasdaq: LCID) today announced the pricing of its offering of $1,000,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The issuance and sale of the notes are scheduled to settle on or about April 8, 2025, subject to the satisfaction of customary closing conditions. Lucid also granted the initial purchasers of the notes an option, for settlement within a period of 13 days from, and including, the date the notes are first issued, to purchase up to an additional $100,000,000 principal amount of notes.

The Notes

The notes will be senior, unsecured obligations of Lucid and will accrue interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. The notes will mature on April 1, 2030, unless earlier repurchased, redeemed or converted. Before January 1, 2030, noteholders will have the right to convert their notes only upon the occurrence of certain events and during specified periods. From and after January 1, 2030, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Lucid will settle conversions of notes by paying or delivering, as applicable, cash, shares of its Class A common stock, or a combination thereof, at Lucid’s election. The initial conversion rate is 333.3333 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $3.00 per share of common stock. The initial conversion price represents a premium of approximately 25.0% over the last reported sale price on The Nasdaq Global Select Market of $2.40 per share of Lucid’s common stock on April 2, 2025. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the notes) occurs, Lucid will, in certain circumstances, increase the conversion rate for a specified time for holders who convert their notes in connection with that make-whole fundamental change.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Lucid’s option at any time, and from time to time, on or after April 6, 2028 and on or before the 31st scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Lucid’s common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions are satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If Lucid calls any or all notes for redemption, holders of notes called for redemption may convert their notes during the related redemption conversion period, and any such conversion will also constitute a “make-whole fundamental change” with respect to the notes so converted.

If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, holders may require Lucid to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Lucid estimates that the net proceeds from the offering will be approximately $983.6 million (or approximately $1,082.2 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. Together with cash on hand, Lucid intends to use approximately $935.6 million of the net proceeds from the offering to fund repurchases of approximately $1,052.5 million aggregate principal amount of its outstanding 1.25% Convertible Senior Notes due 2026 and $107.5 million of the net proceeds to pay the cost of the capped call transactions described below.

Capped Call Transactions

In connection with the pricing of the notes, Lucid has entered into privately negotiated capped call transactions with certain of the initial purchasers of the notes or their respective affiliates and certain other financial institutions. The capped call transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Lucid’s common stock that initially underlie the notes. The cap price of the capped call transactions is initially $4.80 per share of Lucid’s common stock, representing a premium of 100.0% above the last reported sale price of $2.40 per share of Lucid’s common stock on The Nasdaq Global Select Market on April 2, 2025, and is subject to customary anti-dilution adjustments under the terms of the capped call transactions. The capped call transactions are expected generally to reduce potential dilution to Lucid’s common stock upon conversion of the notes and/or offset any cash payments that Lucid could be required to make in excess of the principal amount of any converted notes upon conversion thereof, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Lucid expects to enter into additional capped call transactions with the capped call counterparties.

Repurchases of Outstanding 2026 Notes

Concurrently with the pricing of the notes, Lucid entered into one or more separate and individually negotiated transactions with certain holders of the 2026 notes to repurchase for cash a portion of the 2026 notes on terms negotiated with each such holder.

Ayar Prepaid Forward Transaction

In connection with the pricing of the notes, Ayar Third Investment Company (“Ayar”), a wholly-owned subsidiary of the Public Investment Fund of Saudi Arabia, entered into a privately negotiated prepaid forward transaction with a forward counterparty that is an affiliate of one of the initial purchasers, pursuant to which Ayar will purchase approximately $430.0 million of Lucid’s common stock (based on the last reported sale price on The Nasdaq Global Select Market of $2.40 per share of Lucid’s common stock on April 2, 2025) with delivery expected to occur on or about the maturity date for the notes, subject to the ability of the forward counterparty to elect to settle all or a portion of the prepaid forward transaction early. Subject to the conditions set forth in the agreement governing the prepaid forward transaction, the prepaid forward transaction will be settled physically, subject to Ayar’s option to elect cash settlement of the prepaid forward transaction. Lucid will not be a party to the prepaid forward transaction.

The prepaid forward transaction is generally intended to facilitate privately negotiated derivative transactions, including swaps, between the forward counterparty or its affiliates and investors in the notes relating to Lucid’s common stock by which investors in the notes will hedge their investments in the notes. Ayar’s entry into the prepaid forward transaction with the forward counterparty and the entry by the forward counterparty into derivative transactions in respect of Lucid’s common stock with the investors of the notes could have the effect of increasing (or reducing the size of any decrease in) the market price of Lucid’s common stock concurrently with, or shortly after, the pricing of the notes and effectively raising the initial conversion price of the notes.

Additional information about the transactions described in this press release can be found in the Current Report on Form 8-K that Lucid intends to file with the Securities and Exchange Commission on or about April 8, 2025.

The offer and sale of the notes and any shares of Lucid’s common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of Lucid’s common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.

About Lucid Group

Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The award-winning Lucid Air and new Lucid Gravity deliver best-in-class performance, sophisticated design, expansive interior space and unrivaled energy efficiency. Lucid assembles both vehicles in its state-of-the-art, vertically integrated factory in Arizona. Through its industry-leading technology and innovations, Lucid is advancing the state-of-the-art of EV technology for the benefit of all.

Investor Relations Contact

investor@lucidmotors.com

Media Contact

media@lucidmotors.com

Forward-Looking Statements

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the completion of the offering, the expected amount and intended use of the net proceeds and the anticipated effects of entering into the capped call transactions. Actual events and circumstances may differ from these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Lucid’s business, including those factors discussed under the heading “Risk Factors” in Part I, Item 1A of Lucid’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Lucid may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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SOURCE Lucid Group