Electric vehicle maker Lucid refutes reports of a take-private deal or Chapter 11 filing, affirming sufficient liquidity into next year.
Lucid Group dismissed speculation about a potential take-private transaction or bankruptcy filing as “completely false,” confirming in a stock exchange filing that it has adequate liquidity to support operations well into 2025. The company stated no special board committee has been formed to explore either option, and restructuring adviser AlixPartners has not recommended bankruptcy to management or the board.
The denial follows recent cost-cutting measures under CEO Silvio Napoli, including an 18% workforce reduction and leadership restructuring aimed at $158m in annualized savings. Lucid expects $32m in cash charges related to severance and transition costs. The company emphasized its focus on operational improvements and long-term growth.
Shares of Lucid, which have faced volatility amid production challenges, may see stabilization as the company reaffirms financial health. No further updates on the matter are planned, according to the filing.