Lucid Stock Rebounds After EV Maker Denies Bankruptcy Report: 'Completely False'

Lucid Group Inc. (NASDAQ: LCID ) shares are bouncing back Wednesday after the company pushed back against a report claiming it was considering going private or filing for Chapter 11 bankruptcy protection. Lucid stock is showing exceptional strength. Why is LCID stock up today?

com reported Tuesday that Lucid was considering going private or filing for Chapter 11, with restructuring firm AlixPartners brought in to advise the company’s board and expected to deliver its findings before the board’s next meeting. ” “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,” the Lucid spokesperson said. “Our focus is on improving execution, strengthening operations, and positioning Lucid to realize the full potential of its technology, products, and innovation.

AlixPartners is assisting us in that and nothing else and has not recommended bankruptcy to management or the Board. ” Lucid chief communications officer Nick Twork further posted on X that Lucid has delivered a cease-and-desist letter to the outlet behind the report. ” The continued pushback from the company appears to be helping drive shares of Lucid higher on Wednesday. LCID Stock’s Wild Swing Lucid shares fell more than 50% on Tuesday and were halted multiple times following the report before a company spokesperson denied the claims.

15%. 39, according to data Pro. com