Lucid Motors denies report it’s considering bankruptcy
Lucid Motors is denying a report that it’s weighing filing for Chapter 11 bankruptcy protection.
Nick Twork, the company’s chief communications officer, told TechCrunch in a statement that the “rumors are completely false.”
“The company has sufficient liquidity to carry its operations well into next year, as recently published in its last quarterly filings, and it has not formed any special Board committee to explore the scenarios reported today,” he said. “Our focus is on improving execution, strengthening operations, and positioning Lucid to realize the full potential of its technology, products, and innovation.”
Lucid’s denial comes after its stock price sunk more than 50% on Tuesday, its biggest intra-day drop ever, according to Bloomberg News. The stock has recovered from the free fall, and was trading at $4.72 a share as of 2:46 p.m. ET, about 14% lower than its opening price.
The company recently named a new CEO...
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