Lucid dismisses report that it is weighing filing for bankruptcy or going private after shares plunge
The report said Lucid was considering options that could include going private or filing for bankruptcy protection.
Electric vehicle manufacturer Lucid has denied a report that it is considering drastic measures to restructure its business, including filing for bankruptcy or going private. The report, which caused Lucid's shares to plunge, appears to have been unfounded, according to the company.
The denial comes at a critical time for Lucid, which has been struggling to gain traction in the highly competitive EV market. The company's financial situation has been a subject of concern for investors, and the report likely exacerbated existing worries.
To watch next: Lucid's upcoming quarterly earnings report, which is expected to provide insight into the company's financial health and strategy. Investors will be closely monitoring the report for any signs of improvement or further challenges, and for confirmation of Lucid's plans to address its current difficulties.
Originally reported by cnbc.com. OptionNews adds analysis for finance & markets readers.