Lucid Denies Bankruptcy Rumors After Stock Falls Over 50%

The management board of the American electric vehicle company Lucid Group has denied reports claiming its intention to become a private company or declare bankruptcy to protect itself from creditors. These reports surfaced after the company's stock plummeted by more than 50% amid volatile trading on the NASDAQ, falling by 57% to a low of $2.37 before partially recovering its losses. The company confirmed that it has sufficient liquidity until 2027 and has not made any decisions regarding liquidation or exiting the market. It clarified that the support from Alex Partners is solely to improve operations and is not related to exploring bankruptcy options. Lucid has suffered a loss of about 99% of its market value since its IPO and is currently working on a restructuring plan that includes workforce reductions and improved cash flow, amid ongoing challenges with vehicle deliveries and supply chain disruptions.

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