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Lucid Motors denies bankruptcy report after stock plunge
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Lucid Motors denies bankruptcy report after stock plunge
Lucid Motors has rejected claims that it is considering Chapter 11 bankruptcy protection, calling the rumors "completely false."
- Lucid chief communications officer Nick Twork said the bankruptcy report is "completely false" and that the company has sufficient liquidity to operate into next year.
- The denial follows a 50% stock price drop on Tuesday, the company's largest intra-day decline, with shares trading about 14% lower by afternoon.
- An electric vehicle blog reported, citing unnamed sources, that Lucid was considering bankruptcy or going private on AlixPartners' recommendation; Twork said AlixPartners is only assisting with operations.
- Lucid recently named a new CEO, laid off over 2,000 employees this year, and eliminated a second production shift at its Arizona factory to align output with demand.
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