Lucid denies reports of share delisting or bankruptcy filing
"Lucid Group" has denied the accuracy of reports indicating that it is considering delisting its shares from the stock exchange or filing for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, stressing that this information is "completely false." Lucid's denial came after its stock (Nasdaq: LCID) plummeted more than 50% during Tuesday's trading, before paring losses to 18.6% at $4.49 as of 10:00 p.m. Mecca time. A blog specializing in the electric vehicle sector published a report stating that Lucid is considering scenarios including going private or filing for...
Lucid denies reports of share delisting or bankruptcy filing
"Lucid Group" has denied the accuracy of reports indicating that it is considering delisting its shares from the stock exchange or filing for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, stressing that this information is "completely false."
Lucid's denial came after its stock (Nasdaq: LCID) plummeted more than 50% during Tuesday's trading, before paring losses to 18.6% at $4.49 as of 10:00 p.m. Mecca time.
A blog specializing in the electric vehicle sector published a report stating that Lucid is considering scenarios including going private or filing for debt restructuring under Chapter 11.
The group confirmed that it has sufficient liquidity to fund its operations until next year, noting that it has not formed a special committee within the board of directors to study these options.
It added that the consulting firm "AlixPartners" is currently working with it with the aim of improving operational efficiency and performance, and not to provide recommendations related to bankruptcy or judicial restructuring.
Lucid
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Original source: Argaam
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