# Lucid's December 15 maturity is down to $204.0m — against $732.6m of cash

![Lucid's December 15 maturity is down to $204.0m — against $732.6m of cash](https://aiswingx.com/static/covers/lcid-2026-notes-december_cover.jpg?v=1790101477)

**The 2026 convertible notes were issued at $2,012.5m in 2021 and mostly bought back since; $204.0m is left. From September 15 holders may convert at any time, at a conversion price of $547.80 a share. Cash and short-term investments were $761.3m at the end of June, against $707.1m of debt due within a year**

Lucid Group (LCID) filed its Q2 2026 quarterly report (10-Q) on August 4, and the convertible notes note carries a date three months out. The 1.25% notes issued in December 2021 mature on December 15, 2026. They were issued at $2,012.5m, but the company has bought back most of them: $204.0m was left on the books at June 30.

- 종목: LCID (Lucid Group)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-22 18:25 UTC
- 원문: https://aiswingx.com/p/lcid-2026-notes-december

## 숫자 하나
2026 notes outstanding $204.0m of $2,012.5m issued, maturing December 15, 2026. Convertible at any time from September 15, at $547.80 a share. Cash $732.6m plus short-term investments $28.7m at June 30; $707.1m of debt due within a year.

## 비유 하나
(구독자 전용)

## 출처 하나
Lucid Group Form 10-Q (Q2 2026, filed 2026-08-04), convertible notes note (balances for the 2026, 2030 and 2031 notes, conversion terms), MD&A liquidity, balance sheet and cash-flow statement

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Lucid Group (LCID) builds electric vehicles in the United States, and an affiliate of Saudi Arabia's Public Investment Fund is its controlling stockholder.

The convertible notes note in its Q2 2026 quarterly report (10-Q) carries a date three months out. The **1.25% notes issued in December 2021 mature on December 15, 2026**. They were issued at $2,012.5m.

What is left is far smaller. The balance table shows **$204.0m at June 30, 2026**, against $203.7m at December 31, 2025. The company bought back most of the issue before maturity.

The conversion terms are split by date too. **Before September 15, 2026** holders may convert only on certain events; **from September 15** they may convert at any time until shortly before maturity. The conversion rate is 1.8255 shares per $1,000, a conversion price of about **$547.80 a share**. Settlement may be in cash, in shares or in a mix, **at the company's election**.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## FAQ

**Q. What happens on December 15?**

It is the maturity date of the 2026 convertible notes. Whatever has not converted by then must be settled. The filing says the company may settle in cash, in shares, or in a combination, at its election.

**Q. Could they convert into stock instead?**

The conversion price is about $547.80 a share. Whether converting is worthwhile depends on the share price at the time, which the filing does not address. From September 15, 2026 holders may convert at any time without needing a triggering event.

**Q. Does the company have the money?**

At June 30 it held $732.6m of cash and $28.7m of short-term investments. Debt falling due within a year was $707.1m on the same date. How those figures relate is set out in the subscriber section of this article.

**Q. Where can I check this myself?**

On SEC EDGAR, open Lucid Group, Inc.'s Q2 2026 10-Q (accession 0001628280-26-052606) and read the convertible notes note — the balance table and the conversion terms — with the liquidity part of MD&A.