Lucid Shares Extend Decline in Premarket After Potential Bankruptcy Filing Rumors Strenuously Denied
Lucid (LCID) shares were down more than 4% in Wednesday's premarket activity after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed. "The rumors are completely false," the electric vehicle manufacturer said in an emailed statement to. Lucid has "sufficient liquidity to carry its operations well into next year" and has not created a special board committee to assess the scenarios reported, the firm said. Restructuring adviser AlixPartners is assisting the company with liquidity management "and nothing else" and "has not recommended bankruptcy to management or the board," Lucid added. In June, Lucid disclosed plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability. In the same month, the company announced the appointment of Silvio Napoli as its chief executive officer. Most recently, Napoli served as chairman and CEO of Schindler Group. In May, the automaker announced that its Q1 adjusted loss widened, and while revenue rose from the year-ago period, it missed market expectations. Price: $4.39,.
Lucid (LCID) shares were down more than 4% in Wednesday's premarket activity after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed. "The rumors are completely false," the electric vehicle manufacturer said in an emailed statement to.
Lucid has "sufficient liquidity to carry its operations well into next year" and has not created a special board committee to assess the scenarios reported, the firm said.
Restructuring adviser AlixPartners is assisting the company with liquidity management "and nothing else" and "has not recommended bankruptcy to management or the board," Lucid added.
In June, Lucid disclosed plans to cut 18% of its total workforce, including removing the chief operations role, as part of a plan to streamline its structure and boost profitability.
In the same month, the company announced the appointment of Silvio Napoli as its chief executive officer.
Most recently, Napoli served as chairman and CEO of Schindler Group.
In May, the automaker announced that its Q1 adjusted loss widened, and while revenue rose from the year-ago period, it missed market expectations.
Price: $4.39,.