Category: 3. Business

  • Lucid Group, Inc. Prices $875,000,000 Convertible Senior Notes Offering

    Lucid Group, Inc. Prices $875,000,000 Convertible Senior Notes Offering

    NEWARK, Calif., Nov. 12, 2025 /PRNewswire/ — Lucid Group, Inc. (Nasdaq: LCID) today announced the pricing of its offering of $875,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 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 November 17, 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 7.00% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2026. The notes will mature on November 1, 2031, unless earlier repurchased, redeemed or converted. Before August 1, 2031, noteholders will have the right to convert their notes only upon the occurrence of certain events and during specified periods. From and after August 1, 2031, 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 48.0475 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $20.81 per share of common stock. The initial conversion price represents a premium of approximately 22.5% over the last reported sale price on The Nasdaq Global Select Market of $16.99 per share of Lucid’s common stock on November 11, 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 November 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.

    Noteholders may require Lucid to repurchase their notes on November 1, 2029 at a cash repurchase price equal to the principal amount of the notes to be repurchased. In addition, 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 $863.5 million (or approximately $962.4 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. Lucid intends to use approximately $752.2 million of the net proceeds from the offering to fund repurchases of approximately $755.7 million aggregate principal amount of its outstanding 1.25% Convertible Senior Notes due 2026. Lucid intends to use the remaining net proceeds for general corporate purposes.

    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 PIF, 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 $636.7 million of Lucid’s common stock (based on the last reported sale price on The Nasdaq Global Select Market of $16.99 per share of Lucid’s common stock on November 11, 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 is not 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 November 17, 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 Lucid Gravity SUV 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 factories in Arizona and Saudi Arabia. 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
    [email protected]

    Media Contact
    [email protected]

    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 and the expected amount and intended use of the net proceeds. 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 cautionary language and the Risk Factors in Lucid’s Annual Report on Form 10-K for the year ended December 31, 2024, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 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.

    SOURCE Lucid Group

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  • Nemetschek Group Highlights AI and Digital Twins at BIM World Munich

    Nemetschek Group Highlights AI and Digital Twins at BIM World Munich

    Munich, November 12, 2025 – Artificial intelligence, including emerging agentic AI capabilities, is rapidly reshaping the way we design, build, and operate our built environment. At this year’s BIM World Munich, the Nemetschek Group, a leading global provider of software solutions for the AEC/O and media industries, will showcase together with its brands how AI is revolutionizing the built world and enhancing resource efficiency. In addition, numerous Nemetschek experts will provide insights into the latest trends in digitalization across the construction sector as part of the event’s presentation program.

    At BIM World Munich 2025, taking place on 26 – 27 November at the ICM – International Congress Center Messe München, the Nemetschek Group will present its comprehensive and future-oriented solutions at joint booth number 9 on the ground floor. The booth will feature leading brands ALLPLAN, Bluebeam, CREM SOLUTIONS, dRofus, dTwin, Graphisoft, NEVARIS, Solibri, Spacewell, and Vectorworks (represented by ComputerWorks), as well as the Nemetschek AI & Data Innovation Hub and the start-up Imerso.

    The focus lies on driving innovation in construction through the use of artificial intelligence, digital twins, and sustainability, thereby empowering more efficient, collaborative, and data-driven workflows across the entire industry. These developments demonstrate how digital transformation and intelligent tools can make planning, building, and operating processes smarter, faster, and more sustainable.

    “We are proud to showcase how the Nemetschek Group is pioneering the next generation of digital solutions for the construction industry. Our commitment to open standards, ethical and trustworthy AI, and real-world impact underscores every innovation we bring to market. We look forward to engaging with customers and partners to drive progress and shape a more sustainable industry future together,” said Yves Padrines, CEO of the Nemetschek Group.

    With over 250 speakers on eight stages, including numerous representatives of the Nemetschek Group and its brands, BIM World Munich provides valuable insights for all those involved in the AEC/O industry. At the same time, CAFM World will take place, highlighting advancements in facility and asset management as part of its broader focus on the digital lifecycle of buildings.

    The Nemetschek Group’s presentations at a glance:

    Wednesday, 26 November 2025

    • The Open Digital Twin Platform
      • 11:00 – 11:25 | Breakout Session 3 | German
      • Speakers: Martin Sikorski / Nemetschek dTwin, Andreas Steyer / Nemetschek dTwin
    • Vectorworks meets openBIM
      • 11:25 – 11:50 | Breakout Session 2 | German
      • Speaker: Antonio Landsberger / ComputerWorks GmbH
    • BIM4RealEstate
      • 12:20 – 13:10 | CAFMWORLD Congress Stage | German
      • Speakers: Sebastian Palmer / Phoenix Contact Deutschland GmbH, Detlef Niehues / Apleona GmbH, Andreas Steyer / Nemetschek dTwin
    • Digitalisierung beyond BIM
      • 12:30 – 12:55 | Congress Stage 2 | German
      • Speaker: Christoph Becker / Bluebeam
    • Think Space, Save Energy – Digitale Synergien zwischen Fläche und Energie (Think Space, Save Energy – Digital Synergies between Space and Energy)
      • 14:20 – 14:45 | CAFMWORLD Congress Stage | German
      • Speaker: Björn Otterbach / Crem Solutions
    • Graphisoft MEP Designer
      • 14:35 – 15:00 | Breakout Session 1 | German
      • Speaker: Holger Kreienbrink
    • An AI Revolution: Smarter Tools, Better Insights, Stronger Buildings
      • 15:20 – 15:50 | Congress Stage 1 | English
      • Speaker: Momchil Marinov / Nemetschek Group
    • BIM-Ideal und Realität (BIM ideal and reality)
      • 15:25 – 15:50 | Breakout Session 2 | German
      • Speakers: Ingo Butterweck / Bluebeam GmbH, Patrick Scheer / Bluebeam GmbH
    • Examples of Digital Twins
      • 15:10 – 15:35 | CAFMWORLD Congress Stage | English
      • Speaker: Dr. Jimmy Abualdenien / Nemetschek Group
    • The AI-Powered Future of AEC/O
      • 17:15 – 17:40 | Congress Stage 1 | English
      • Speaker: Fabian Riether / Nemetschek Group

    Thursday, 27 November 2025

    • Die unterschätzten Möglichkeiten eines BIM-Modells (The underestimated possibilities of a BIM model)
      • 10:00 – 10:25 | Breakout Session 1 | German
      • Speaker: Andreas Damrau / NEVARIS Bausoftware GmbH
    • Abgleich Scan/BIM & As-built (Comparison of scan/BIM and as-built)
      • 10:25 – 10:50 | Breakout Session 2 | German
      • Speaker: Tilman Köberlein / Imerso
    • Vectorworks meets openBIM
      • 10:50 – 11:15 | Breakout Session 2 | German
      • Speaker: Antonio Landsberger / ComputerWorks GmbH
    • Digital Twin Workflows
      • 13:40 – 14:05 | Breakout Session 2 | English
      • Speaker: Dr. Jimmy Abualdenien / Nemetschek Group
    • KI-Agenten im Projektalltag (AI agents in everyday project work)
      • 14:30 – 14:55 | Congress Stage 2 | German
      • Speaker: Stefan Kaufmann / ALLPLAN
    • Eine Strategie für die Zukunft (A strategy for the future)
      • 13:45 – 14:15 | Congress Stage 1 | German
      • Speaker: Holger Kreienbrink / Graphisoft
    • Bluebeam MAX – KI im Bau (Bluebeam MAX – AI in construction)
      • 14:05 – 14:30 | Breakout Session 2 | German
      • Speakers: Ingo Butterweck / Bluebeam GmbH, Patrick Scheer / Bluebeam GmbH

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  • Macquarie Insurance Facility plans to launch Longbrook Insurance

    Macquarie Insurance Facility plans to launch Longbrook Insurance

    Macquarie Insurance Facility (MIF) has announced its intention to launch Longbrook Insurance (Longbrook), a multi-line underwriting business, backed by highly-rated carriers.

    Part of Macquarie Asset Management, MIF is a global insurance aggregator. It aggregates approximately $US1.8 billion of premium spend annually from participating private equity, infrastructure, energy and real estate firms.

    Headquartered in London, Longbrook will launch two core lines of business in early 2026 – transaction liability insurance and energy insurance. The transaction liability insurance business will provide mergers and acquisitions insurance solutions, including warranty and indemnity and tax liability insurance. Longbrook’s energy insurance offering will provide property damage and business interruption coverage for the construction and operation of energy assets, with a focus on the energy transition. Both lines of business will support clients worldwide1.

    Longbrook aims to offer long-term insurance solutions to its clients by providing access to a differentiated distribution platform and enhanced risk management insights and by leveraging MIF’s extensive network of relationships with leading global insurers and brokers.

    As part of the launch of Longbrook, Shaun Reynolds joins as Head of Transaction Liability bringing to the role more than two decades of experience in M&A and underwriting. Prior to joining Longbrook, Shaun held a number of underwriting roles, including at AIG and at London-headquartered and Lloyd’s Syndicate-backed Volante Global, where he built and managed a portfolio of transaction liability risks.

    Nick Wilski, Global Head of Macquarie Insurance Facility, said: “Effective risk management is a crucial element to delivering value on investments, and Longbrook is the next step in MIF’s strategy to offer diversified solutions to our clients. Longbrook’s team will have deep underwriting expertise in managing transaction liability and energy infrastructure risks. They’ll be well placed to build on the strong foundations of our distribution model and extensive relationships with brokers to develop best-in-class solutions to the benefit of our clients.”

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  • Painting a more hopeful future

    And he’s convinced that playing an active role in the community is fundamental to making this happen. “If you want to be sustainable, you need to be part of the community you operate in – not tolerated, but welcomed,” says Jeff. “Having proud employees needs to extend to being proud outside of the time you’re at work. We aspire to having employees that are proud in their community and proud to put on an AkzoNobel shirt. That’s got to be a good thing for us all. We’re the fortunate ones – we have jobs, health, resources, access to skills to be able to support others – if we can’t help, then who will? Hope, of course, is an apt name for a building designed to help shape the future of young people. And at the formal naming ceremony, which was held at the site of the new building, Jeff etched a message into the concrete. What did he want to pass on to the students of the future? “The message was about saying if you want something enough, there is a way to achieve it. That’s why hope is important. A lot of people might feel like things aren’t possible, but they are. Anything is. The people that think it isn’t possible are the ones that need the most help and warmth. You’re born into a world you haven’t chosen so you have make the most of it – no one should be left behind.”

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  • Commission launches its first call for interest to connect buyers and suppliers

    Commission launches its first call for interest to connect buyers and suppliers

    To connect potential suppliers with buyers of hydrogen and its derivatives in the EU, the Commission is, today, launching the first call for interest under the Hydrogen Mechanism. 

    Hydrogen and its derivatives can play an important role for sectors that are hard to decarbonise and contribute to the EU reaching climate neutrality by 2050. The mechanism covers renewable or low-carbon hydrogen and derivatives such as ammonia, methanol, certain aviation fuels (eSAF) and eMethane. 

    The mechanism offers a number of advantages

    • it empowers buyers and sellers by connecting future demand and supply and helps mitigate market uncertainty
    • it makes the hydrogen market more transparent by providing European and international companies with more visibility on potential commercial partners
    • it supports the development of hydrogen infrastructure and access to financial solutions
    • it promotes market engagement and unlocks new business opportunities as it brings buyers and sellers together in an open, transparent environment

    Commissioner for Energy and Housing, Dan Jørgensen said: 

    “Today’s call marks a new chapter in the EU’s support to the European industry and its competitive decarbonisation through renewable and low-carbon hydrogen. 

    By connecting buyers and sellers, this hydrogen mechanism will help us create a cleaner and competitive future for our energy and our economy.”

    Next Steps

    Submission phase: Opening 12 November 2025 until 2 January 2026. Suppliers are invited to submit supply offers

    Publication of call for interest: 19 January 2026. Publication of anonymised information sheets about the supply offers. 

    Expression of interest: Opening 19 January 2026

    Results available to registered participants

    Background

    Hydrogen plays an important role in decarbonising industrial processes and industries for which reducing carbon emissions is both urgent and hard to achieve. 

    The Regulation on the internal markets for renewable gas, natural gas and hydrogen (EU/2024/1789) mandates the Commission to set up and operate a mechanism under the European Hydrogen Bank to support the market development of hydrogen for a limited duration until the end of 2029. 

    On 2 July 2025, the Commission launched the new EU Energy and Raw Materials Platform to empower European companies to procure energy-related products in an effective way. 

    It offers solutions to collect demand, and supply offers from companies and provide aggregation and matchmaking services. It can result in joint purchasing for a wide range of energy-related products as well as strategic raw materials.  

    Related links

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  • Risks and opportunities in evolving EU–US financial and economic relations – CEPS

    Risks and opportunities in evolving EU–US financial and economic relations – CEPS


    The EU–US economic relationship has long been broadly balanced, reflecting deep mutual interdependence. However, in the domains of security and technology, the EU has remained significantly more dependent on the US. As US strategic priorities shift, this asymmetry is becoming more visible and may increasingly shape economic and geopolitical outcomes in the EU.

    The paper advances three possible trajectories for EU–US relations: Continued interdependence and EU vulnerabilities; Managed divergence; and Antagonistic turn. None of these trajectories offers a clear solution to EU dilemmas. Each involves high risks of fragmentation, both within the EU and across the Atlantic. Yet, the EU has no choice but to strengthen its preparedness to shape a more balanced relationship. This requires, above all, internal unity, time and deliberate efforts to reduce strategic dependencies.

    From a parliamentary oversight perspective, increasingly complex transatlantic dynamics — marked by trade disputes, regulatory divergence, and strategic misalignment — highlight the limits of the current framework and the need to increase its responsiveness by introducing early-warning mechanisms. The Parliament should also leverage its channels for dialogue and engagement with US counterparts to offset increasingly weaker opportunities offered by international fora.

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  • Abnormal Alterations in EEG Microstates and Functional Networks in Ant

    Abnormal Alterations in EEG Microstates and Functional Networks in Ant

    Introduction

    Anti-leucine-rich glioma-inactivated 1 (LGI1) antibody encephalitis (anti-LGI1-AE) is one of the most common forms of limbic encephalitis, mediated by antibodies targeting LGI1—a synaptic protein enriched in leucine-rich repeats. Clinical heterogeneity and a high rate of negative findings in routine examinations often lead to delayed diagnosis. The most characteristic manifestation is faciobrachial dystonic seizures (FBDS), characterised by brief, unilateral jerks affecting the face and/or ipsilateral limbs.1 Despite growing recognition among neurologists, Flanagan et al reported that a substantial proportion of patients receive initial misdiagnoses of psychiatric or functional disorders, with 19% suspected of Creutzfeldt–Jakob disease.2 Some seizure semiology may mimic panic attacks or anxiety episodes.1 Approximately half of patients develop neuropsychiatric symptoms, including depression, anxiety, paranoia, hallucinations, and emotional lability (eg, pathological crying).1,3,4 Cognitive deficits extend beyond mixed anterograde-retrograde amnesia5 to include impairments in attention, verbal fluency, and executive function.3,6,7 Electroencephalographic (EEG) abnormalities are common, with nearly half of cases showing non-specific background rhythm irregularities.8 Furthermore, a negative magnetic resonance imaging (MRI) in anti-LGI1-AE is frequent,9,10 and cerebrospinal fluid (CSF) findings often lack typical inflammatory changes,10,11 increasing the likelihood of misdiagnosis.

    18F-fluoro-2-deoxy-d-glucose positron emission tomography studies have revealed metabolic abnormalities in regions such as the basal ganglia, prefrontal cortex, anterior cingulate cortex, parietal cortex, brainstem, and cerebellum.12,13 Functional magnetic resonance imaging (fMRI) has demonstrated significantly increased connectivity within the dorsal and ventral default mode networks (DMN), higher-order visual networks, and sensorimotor networks, along with decreased connectivity in the salience network.14 However, the limited temporal resolution of these imaging modalities makes it difficult to capture transient neural processes. In contrast, EEG, as a non-invasive and cost-effective imaging technique, enables the detection of neural dynamics at the millisecond scale, offering a more detailed and temporally precise perspective on brain function.

    EEG microstates were first identified by Lehmann et al15 and refer to brief periods during which the scalp voltage topography remains quasi-stable These microstates are typically extracted at peaks of the global field power (GFP) and are thought to represent transient, global configurations of brain functional activity. In resting-state EEG, the majority (>70%) of the data can be explained by just four canonical topographic classes, traditionally labeled as Microstates A, B, C, and D.16 Transitions between microstates do not occur gradually but rather switch abruptly, typically after maintaining a dominant configuration for approximately 80–120 milliseconds.17 The sequence of transitions between microstates forms a temporal structure that is considered to reflect dynamic changes in brain network activity. The temporal properties of EEG microstate sequences can be modulated by various internal and external stimuli, including global brain states,18 spontaneous thought processes,19 behavioral tasks,20 and pharmacological interventions.21 Altered microstate dynamics have been reported in patients with schizophrenia,22 Alzheimer’s disease,22 stroke,23 and temporal lobe epilepsy,24 demonstrating significant deviations from patterns observed in healthy individuals. To date, however, the EEG microstate characteristics in patients with anti-LGI1-AE remain unexplored.

    Materials and Methods

    Participants

    Anti-LGI1-AE Group

    Patients diagnosed with anti-LGI1-AE at Nanjing Brain Hospital between 2019 and 2024 were enrolled in the study. All patients met the diagnostic criteria for autoimmune encephalitis as outlined in the 2016 Lancet Neurology consensus guidelines.10 Inclusion criteria were as follows:

    1. Acute (less than 6 weeks) or subacute (more than 6 weeks but less than 3 months) onset of symptoms, including seizures, cognitive impairment, psychiatric manifestations, or FBDS;
    2. Positive anti-LGI1 antibodies detected in CSF or serum via cell-based assay;
    3. Elevated CSF white cell count (>5 × 106/L), with lymphocytic pleocytosis or positive oligoclonal bands on CSF cytological analysis;
    4. MRI evidence of T2-weighted or FLAIR hyperintensities involving limbic system structures.

    Exclusion Criteria:

    1. Exclusion of other neurological disorders that could account for similar clinical manifestations, such as infectious encephalitis, other antibody-associated encephalitides, or metabolic encephalopathies;
    2. A history of other neurological or psychiatric disorders prior to the onset of autoimmune encephalitis.

    Control Group

    The control group consisted of individuals who presented with mild neurological symptoms (eg, headache or mild anxiety). Participants were matched to the anti-LGI1-AE group by sex and gender. None of the control subjects had a history of, or clinical symptoms consistent with, anti-LGI1-AE. Additionally, they had not taken any medications that could affect EEG signals, such as antiepileptic drugs, antipsychotics, or antidepressants. All participants underwent MRI scans to rule out structural brain abnormalities.

    EEG Recording

    EEG recordings were conducted in a controlled environment with constant lighting and background noise from air conditioning. Prior to the recording, participants were thoroughly informed about the experimental procedures and safety measures. They were instructed to minimize muscle activity and eye movements to reduce recording artifacts. During the session, participants lay on a bed, kept their eyes closed, remained relaxed, and were asked to stay awake. Continuous 10-minute EEG data were collected during the eyes-closed, awake resting state. Following the recording, EEG data and symptom reports provided by family members were analyzed by physicians specializing in the clinical management and EEG interpretation of autoimmune encephalitis.

    EEG data were recorded by certified technicians using the Nicolet System One device (CareFusion, San Diego, CA) at a sampling rate of 256 Hz. Electrodes were placed according to the international 10–20 system. Transparent conductive gel was applied to the scalp to reduce electrode impedance, which was maintained below 5 kΩ throughout the recording.

    Preprocessing

    EEG signals were preprocessed by removing DC drifts, applying a 2–20 Hz band-pass filter, and re-referencing the data to the average reference. The continuous EEG data were segmented into epochs of 6 seconds each.25 During the quality control phase, both manual visual inspection and automated artifact detection algorithms were employed to identify and handle abnormal signals. Specifically, bad channels were detected based on multiple criteria, including extreme amplitudes, abnormal voltage distributions, excessive drifts, abnormal kurtosis, and muscle activity. The following protocol was applied: up to 20% of electrodes could be rejected. If the number of bad electrodes exceeded this threshold, they were ranked by the frequency of extreme artifacts across segments, and only the top 20% were removed. A similar approach was used for epoch rejection, where segments containing extreme artifacts were marked and discarded to ensure data quality. After artifact removal, signals were re-referenced, and spherical spline interpolation was used to reconstruct the signals of removed electrodes. Independent Component Analysis (ICA) using the Picard algorithm26 was then applied to identify components associated with artifacts. These components were classified and rejected using the ICLabel module embedded in the Brainstorm toolbox,27 yielding clean neural signals. Finally, a continuous 5-minute segment of EEG data was obtained for subsequent microstate analysis. For more information on Brainstorm, refer to the official website: https://neuroimage.usc.edu/brainstorm/.

    Microstate Analysis

    Microstate analysis was conducted using the Cartool software and involved three key steps. Detailed procedures can be found in the official tutorial: https://github.com/gaffreylab/EEG-Microstate-Analysis-TutorialWiki.

    Stage 1: Individual-Level Clustering

    EEG topographic maps were extracted at peaks of GFP, as these points exhibit the highest signal strength and signal-to-noise ratio, thereby improving the accuracy of subsequent k-means clustering.28 Specifically, 50 epochs were randomly selected from each participant’s continuous 5-minute EEG recording. These epochs were then subjected to polarity-invariant modified k-means clustering, repeated 50 times, to identify 1–12 topographic clusters per epoch. This resampling strategy was adopted to enhance the reliability of clustering outcomes.29,30 To determine the optimal number of clusters for each epoch, a meta-criterion approach was used. This method integrates six independent clustering validity indices to ensure robust and consistent model selection.31

    Stage 2: Group-Level Clustering

    First, the optimal k clusters from each participant’s 50 epochs were pooled together. From this combined dataset, 100 new epochs were randomly sampled, each representing 99.9% of the group-level topographic variability. These epochs were then subjected to polarity-invariant modified k-means clustering, repeated 100 times, with the number of clusters set from 1 to 15. To determine the optimal number of clusters, the meta-criterion was again applied to each epoch. The resulting topographic maps were merged and underwent a final round of k-means clustering using the same parameters. The final group-level microstate maps were selected based on both the meta-criterion results and the topographic patterns typically observed in resting-state studies. If the meta-criterion curve presented a clear single peak, that solution was chosen. However, in cases where multiple local maxima were observed, researchers used expert judgment to determine the most appropriate solution rather than selecting the one with the absolute highest score.32 All microstate topographies were visualized using MATLAB (https://ww2.mathworks.cn/products/matlab.html).

    Stage 3: Backfitting

    Back-fitting was performed on each participant’s preprocessed and spatially filtered data to match the group-level microstates with individual data in the time dimension, thereby identifying which group microstate each participant belonged to at each time point. First, each participant’s data was normalized by the median GFP to minimize amplitude differences across individuals. This prevents high-amplitude signals from dominating and low-amplitude signals from being underestimated during microstate template backfitting. The median was chosen over the mean because it is less sensitive to outliers, ensuring more robust normalization. Then, each time point was assigned to the group microstate with the most similar topography using spatial correlation, with the minimum correlation for time-point assignment set to 0.50, regardless of polarity. After the assignment, temporal smoothing was applied with a half-window width of 32 ms and a Besag factor of 1033. Illogical short segments were discarded: segments shorter than 32 ms were split into two parts, with the first half merged into the preceding segment and the second half merged into the following segment. Finally, for each microstate, the following metrics were calculated for each participant: Mean GFP, Mean Duration, Time Coverage, and Segment Count Density. Additionally, transition probabilities were computed based on a first-order Markov chain model (including expected and observed values). To account for individual differences in microstate occurrence frequency, the observed probabilities for each transition were normalized by dividing them by the corresponding expected probabilities.

    Brain Network Construction

    Brain networks were constructed for microstates with significant differences in time parameters to further analyze the brain functional connectivity characteristics in patients with anti-LGI1-AE: 1) Node Selection: All scalp electrodes were selected as the nodes corresponding to the brain functional network. 2) Association Matrix Calculation: The EEG signals from 2–20 Hz were divided into four main frequency bands: delta (2–4 Hz), theta (4–8 Hz), alpha (8–12 Hz), and beta (12–20 Hz). The Weighted Phase Lag Index (WPLI) algorithm was used to calculate the phase synchronization between each pair of nodes, resulting in a 19×19 functional connectivity matrix. WPLI effectively quantifies the phase coupling strength between two signals and avoids the sensitivity to volume conduction effects that traditional coherence measures may have.34 In the WPLI calculation, the EEG signals were first transformed using Fourier analysis, converting the raw time-domain signals into frequency-domain signals, thereby obtaining amplitude and phase information for each frequency point. Next, the phase difference between any two signals at a specific frequency was calculated. The sign function was then applied to the phase differences at each time point to extract their positive and negative directions, representing the direction of phase leading or lagging at that moment. Finally, the WPLI value was computed using the following formula: , where N represents the number of phase differences involved in the calculation, and represents the direction (positive or negative) of the phase difference at each time point.

    Statistical Analysis

    Data analysis was conducted using SPSS 26. First, the Shapiro–Wilk test was used to determine whether the data followed a normal distribution. For normally distributed continuous variables, the data were expressed as “mean ± standard deviation” and group comparisons were performed using a t-test. For non-normally distributed continuous variables, the data were expressed as “median (interquartile range)” and group comparisons were performed using the Mann–Whitney U-test. Categorical data were expressed as “frequency (percentage)”. In the brain network analysis, Network-Based Statistic (NBS) methods were used to compare functional connectivity differences between the two groups in different EEG frequency bands (delta, theta, alpha, and beta). A permutation test (5000 permutations) was conducted to control for multiple comparison errors, with a significance threshold of p < 0.05 after Family-Wise Error Rate (FWER) correction.35 The difference network was visualized using BrainNet Viewer (https://www.nitrc.org/projects/bnv).36 Group differences in topographic maps were analyzed using TANOVA in Cartool, and group comparisons of microstate transition probabilities were corrected for multiple comparisons using the False Discovery Rate (FDR) method. A corrected p < 0.05 was considered statistically significant.

    Results

    Demographic Characteristics and Clinical Manifestations

    This study included 15 patients with anti-LGI1-AE (6 males, 9 females) and 18 control subjects (10 males, 8 females). The median age of the patient group was 59 years (interquartile range: 54–64 years; range: 18–68 years), and the median age of the control group was 50 years (interquartile range: 31.5–70 years; range: 17–78 years). Statistical analysis revealed no significant differences between the two groups in terms of age and gender distribution.

    Seizures occurred in 11 patients (73.33%), including bilateral tonic-clonic seizures in 10 (66.67%), focal impaired awareness seizures in 2 (13.33%), and focal aware seizures in 1 (6.67%). FBDS were observed in 2 patients (13.33%). Memory impairment was present in 7 patients (46.67%), and psychiatric disorders were reported in 10 (66.67%).

    EEG Characteristics

    All patients with anti-LGI1 encephalitis were in the acute or subacute phase and underwent 24-hour EEG monitoring. Throughout the recording, all patients maintained normal levels of consciousness. The results indicated background abnormalities in all patients, predominantly characterised by increased slow-wave activity. The specific distributions of these abnormalities were as follows: borderline EEG findings in 2 patients (13.33%), mild generalised abnormalities in 5 (33.33%), mild focal abnormalities in 2 (13.33%), moderate generalised abnormalities in 4 (26.67%), moderate focal abnormalities in 1 (6.67%), and severe generalised abnormalities in 1 patient (6.67%). Clinical events were recorded in 5 patients (33.33%): focal seizures in 3 (20.00%), focal to bilateral tonic-clonic seizures in 1 (6.67%), bilateral tonic-clonic seizures in 1 (6.67%), and FBDS in 1 (6.67%).

    EEG Microstate Analysis

    Group Differences in Microstate Topographic Maps

    Both the anti-LGI1-AE group and the control group identified the typical four microstates (A-D, Figure 1), with global explained variance (GEV) of 0.72 and 0.75, respectively, indicating good clustering quality in both groups. TANOVA analysis revealed a significant difference in the topographic map distribution of Microstate A between the two groups (p = 0.002).

    Figure 1 Comparison of differences between microstate topographies between groups.

    Differences in Microstate Time Parameters Between Groups

    There were significant differences in the microstate time parameters between the anti-LGI1-AE group and the control group. The frequency of Microstate B occurrence in the patient group was 2.40 times/second (vs control group 1.92 times/second, p = 0.015), and the frequency of Microstate C occurrence was 2.98 times/second (vs control group 2.12 times/second, p = 0.001). Additionally, the Mean GFP of Microstate C was significantly lower in the patient group (p = 0.007). No statistical differences were observed between the two groups in terms of average duration and time coverage for each microstate (all p > 0.05). Detailed data are shown in Table 1.

    Table 1 Comparison of Microstate Time Parameters Between the Anti-LGI1-AE Group and the Control Group

    Microstate Transition Probabilities

    The transition probability from Microstate A to Microstate B was significantly higher in the anti-LGI1-AE group compared to the control group (p = 0.013). However, after FDR correction, this difference was no longer significant (FDR-corrected p = 0.161), likely reflecting limited statistical power due to the relatively small sample size. No statistically significant differences were observed between the two groups for other microstate transition probabilities (Table 2)

    Table 2 Comparison of Microstate Transition Probabilities Between the Anti-LGI1-AE Group and the Control Group

    .

    Brain Functional Network

    The WPLI connectivity matrices for Microstate B and Microstate C in both the anti-LGI1-AE group and the control group are shown in Figures 2 and 3, respectively, with connection strength represented by color. In Microstate B, the patient group showed a significant increase in functional connectivity strength across the whole brain in the beta frequency band, with all p-values < 0.001. In Microstate C, the patient group exhibited enhanced delta-band global radial connectivity centered on the left occipital region (p = 0.002), and specific beta-band connectivity between the left posterior temporal region, midline structures, and the left parietal region (p = 0.037). The brain network connectivity maps are shown in Figure 4.

    Figure 2 WPLI connectivity matrices for different frequency bands and electrode channels in microstate B for patients (top) and controls (bottom). The intensity of the colors reflects the magnitude of the WPLI values, frequency bands: δ (delta, 2–4 Hz), θ (theta, 4–8 Hz), α (alpha, 8–12 Hz), and β (beta, 12–20 Hz).

    Figure 3 WPLI connectivity matrices for different frequency bands and electrode channels in microstate C for patients (top) and controls (bottom). The intensity of the colors reflects the magnitude of the WPLI values, frequency bands: δ (delta, 2–4 Hz), θ (theta, 4–8 Hz), α (alpha, 8–12 Hz), and β (beta, 12–20 Hz).

    Figure 4 Functional connectivity analysis based on WPLI using a network-based approach. The images generated by BrainNet viewer show the significantly enhanced connectivity networks identified in the beta band of microstate B (A) and the delta (B) and beta (C) bands of microstate C.

    Discussion

    Unlike conventional approaches that construct functional brain networks by averaging phase-based connectivity indices, such as the WPLI, over extended EEG epochs, the present study estimated functional connectivity within distinct EEG microstates, which represent quasi-stable topographic patterns on the millisecond scale. This approach offers two key methodological advantages. First, it enables temporally resolved characterization of brain network reorganization, capturing rapid, state-dependent fluctuations that are otherwise obscured by global averaging. Second, because EEG microstates have been shown to correspond to canonical resting-state networks identified via fMRI, integrating WPLI with microstate segmentation provides a functionally meaningful framework for assessing frequency-specific connectivity alterations.

    Our study reveals significant differences in the topographical distribution of Microstate A between the anti-LGI1-AE group and the control group. In the patient group, the frequency of Microstates B and C was significantly increased, while the Mean GFP of Microstate C was notably reduced. Functional network analysis based on the abnormal microstates showed that in Microstate B, the patients exhibited significantly enhanced whole-brain functional connectivity in the beta frequency band. In Microstate C, there was an increase in the whole-brain radiative connectivity in the delta frequency band, with the left occipital region serving as the core. Furthermore, enhanced connectivity in the beta frequency band was observed between the left posterior temporal region, midline structures, and left parietal area. These findings provide new evidence for understanding the neurophysiological mechanisms underlying anti-LGI1-AE.

    The topographical map of Microstate A showed significant differences between the anti-LGI1-AE group and the control group, indicating that the spatial patterns of EEG activity were altered in the encephalitis group. However, the overall microstate dynamics and the stability of its transitions remained relatively unchanged. Only minor trends were observed in local transition connections (A→B), which disappeared after FDR correction. This suggests that the abnormalities in microstate connectivity patterns induced by encephalitis may be subtle, or there may be insufficient statistical power to detect more substantial effects. Larger cohorts are needed to confirm these findings. Anti-LGI1-AE is a common form of limbic encephalitis,10,37 and clinical MRI findings often show high signal abnormalities in the medial temporal lobe on T2/FLAIR sequences.38 Britz et al39 using simultaneous EEG-fMRI recordings, found that Microstate A is associated with negative BOLD signal activations in the bilateral superior temporal gyrus and middle temporal gyrus, areas related to auditory processing. Furthermore, Custo et al40 through microstate source localization analysis in 164 subjects, identified that Microstate A is primarily localized in the left superior temporal gyrus, middle temporal gyrus, and left insula. Therefore, the changes observed in the topography of Microstate A in this study may reflect functional alterations associated with temporal lobe involvement, which is consistent with the clinical features of anti-LGI1-AE.

    Britz et al39 found that Microstate B was associated with negative BOLD signal activations in the bilateral secondary visual cortex (visual processing areas), while Microstate C was related to positive BOLD signal activations in the anterior cingulate cortex and bilateral inferior frontal gyrus. In further research by Custo et al40 it was found that Microstate B was primarily localized in the bilateral occipital cortex (visual areas), while Microstate C was located in the precuneus and posterior cingulate cortex, which are core regions of the DMN. Additionally, some studies have found that Microstate C is positively correlated with levels of wakefulness, with higher coverage and occurrence frequency in states of high arousal.41 In this study, the anti-LGI1-AE group showed significantly higher occurrences per second of Microstate B and C compared to the control group, and a significantly lower Mean GFP for Microstate C. However, no significant differences were found between the two groups in the topographical maps or other time parameters of Microstate B and C. These findings suggest that, in a resting state, the brain may be “over-utilizing” or “repeatedly entering” EEG patterns related to the visual network and DMN. This could reflect a compensatory regulatory mechanism or a pathological state of excessive activation, which may be associated with patients’ cognitive and neurological deficits.

    Our study identified enhanced brain connectivity in the beta frequency band in both Microstate B and C, and in the delta frequency band in Microstate C. Heine et al14 found that in anti-LGI1-AE patients, there was significantly enhanced functional connectivity between the precuneus and other ventral DMN regions, as well as between the medial prefrontal cortex/anterior cingulate cortex and other dorsal DMN regions. This enhanced DMN connectivity was associated with improvements in memory. We hypothesize that these EEG microstate results may represent a compensatory regulatory mechanism, but they could also reflect pathological dysregulation of synchronization. Longitudinal studies tracking microstate dynamics and functional connectivity alongside clinical recovery and cognitive performance would help determine whether these network changes normalize with symptom improvement, indicating adaptive compensation, or persist and correlate with ongoing dysfunction, suggesting maladaptive pathology. Notably, the enhanced connectivity patterns observed in the anti-LGI1-AE group in the delta and beta frequency bands bear similarities to the electrophysiological patterns seen in anti-NMDA receptor encephalitis, which is characterized by excessive beta activity and widespread rhythmic delta activity.42,43 This suggests that different autoimmune encephalitis disorders may share certain neurodynamic abnormalities within neural networks. These findings provide new insights into the common pathophysiological mechanisms of autoimmune encephalitis, although further multimodal imaging studies and longitudinal follow-up data are needed to validate these results.

    This study is a retrospective analysis with a relatively small sample size, which may lead to insufficient statistical power, reducing the reliability and generalizability of the results. Additionally, the EEG recordings were made using the 10–20 system, which includes only 19 electrodes, limiting the spatial resolution and potentially affecting the accuracy of the study. It is important to note that this study focused solely on patients in the acute phase of anti-LGI1-AE, while the pathophysiological mechanisms and clinical manifestations of the disease may dynamically change as the disease progresses. Therefore, the findings observed in the acute phase may not fully represent the entire disease course. To further validate the robustness of the results, future studies should be conducted with larger sample sizes, utilize high-density EEG or combine source localization techniques to improve spatial resolution, and employ a longitudinal design with 3–5 years of follow-up to dynamically observe the evolution of the disease. This would provide a more comprehensive understanding of the neurophysiological characteristics and long-term prognosis of anti-LGI1-AE.

    Conclusion

    This study found that patients with anti-LGI1-AE exhibited altered EEG microstate patterns and increased functional connectivity, particularly in the delta and beta frequency bands. These findings indicate that microstate-specific connectivity may represent a characteristic pattern of anti-LGI1-AE.

    Abbreviations

    Anti-LGI1-AE, Anti-leucine-rich glioma-inactivated 1 antibody encephalitis; CSF, Cerebrospinal fluid; DMN, Default mode networks; EEG, Electroencephalogram; FBDS, Faciobrachial dystonic seizures; FDR, False discovery rate; fMRI, Functional magnetic resonance imaging; FWER, Family-Wise Error Rate; GEV, Global explained variance; GFP, Global field power; LGI1, Leucine-rich glioma-inactivated 1; MRI, Magnetic resonance imaging; NBS, Network Based Statistic; WPLI, Weighted phase lag index.

    Data Sharing Statement

    The original contributions presented in the study are included in the article, further inquiries can be directed to Xiaoshan Wang.

    Ethics Approval Statement

    Our study was reviewed and approved by the ethical boards of the Affiliated Brain Hospital of Nanjing Medical University [Ethics Approval Number: 2025-KY046-02]. The informed consent process was implemented as follows: (1) All competent participants provided personally signed informed consent documents; (2) For patients lacking decision-making capacity due to impaired consciousness, cognitive deficits, or other neurological impairments, legally authorized representatives or court-appointed guardians executed the consent forms; (3) Posthumous data utilization required formal written authorization from next-of-kin. All consent documentation has been permanently archived in accordance with institutional data retention policies. All steps are in line with the Helsinki Declaration.

    Author Contributions

    All authors made a significant contribution to the work reported, whether that is in the conception, study design, execution, acquisition of data, analysis and interpretation, or in all these areas; took part in drafting, revising or critically reviewing the article; gave final approval of the version to be published; have agreed on the journal to which the article has been submitted; and agree to be accountable for all aspects of the work.

    Funding

    This work was supported by the National Natural Science Foundation of China [Grant No. 81471324], the General Project of the Nanjing Municipal Health Commission [Grant No. YKK21110], and the General Project of the Jiangsu Provincial Health Commission [Grant No. M2022065].

    Disclosure

    The authors declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

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