Logo ofLucid Group
Lucid Group, Inc. denied reports suggesting it is considering delisting its shares or filing for Chapter 11 bankruptcy protection under the US Bankruptcy Code. 
The company said the claims are entirely false.
The company issued the denial after its shares (Nasdaq: LCID) plunged by more than 50% during trading on July 14 before paring losses to 18.6% at $4.49 as of 10:00 p.m. Makkah time.
The reports originated from a blog specializing in the electric vehicle sector, which claimed that Lucid was evaluating scenarios including going private or filing for Chapter 11 bankruptcy to restructure its debt.
Lucid said it has sufficient liquidity to fund its operations through next year.
It added that it has not established a special committee within its board of directors to evaluate such options.
The company also said that consulting firm AlixPartners is currently working with Lucid to improve operational efficiency and performance, not to provide recommendations related to bankruptcy or court-supervised restructuring.
Logo ofLucid Group
Lucid Group, Inc. denied reports suggesting it is considering delisting its shares or filing for Chapter 11 bankruptcy protection under the US Bankruptcy Code.
The company said the claims are entirely false.
The company issued the denial after its shares (Nasdaq: LCID) plunged by more than 50% during trading on July 14 before paring losses to 18.6% at $4.49 as of 10:00 p.m. Makkah time.
The reports originated from a blog specializing in the electric vehicle sector, which claimed that Lucid was evaluating scenarios including going private or filing for Chapter 11 bankruptcy to restructure its debt.
Lucid said it has sufficient liquidity to fund its operations through next year.
It added that it has not established a special committee within its board of directors to evaluate such options.
The company also said that consulting firm AlixPartners is currently working with Lucid to improve operational efficiency and performance, not to provide recommendations related to bankruptcy or court-supervised restructuring.
