(RTTNews) – Lucid Group, Inc. (LCID) said reports suggesting it is considering bankruptcy are “completely false,” adding that it has sufficient liquidity to support operations well into next year, as disclosed in its most recent quarterly filings.
The electric vehicle maker also rejected reports that it had formed a special board committee to explore bankruptcy-related scenarios.
Lucid said its focus remains on improving execution, strengthening operations, and positioning the company to realize the full potential of its technology, products and innovation.
The company added that consulting firm AlixPartners is assisting with operational and execution improvements and has not recommended bankruptcy to either management or the board.
Lucid’s shares plunged 16.15% on Tuesday before closing at $4.62, and were down another 2.4% in after-hours trading.
