Lucid shares hit a record low after reports circulated that the company is considering bankruptcy or a take-private deal. Sources say restructuring advisor AlixPartners has recommended either filing for Chapter 11 bankruptcy protection and focusing on the Gravity SUV or taking the company private to address the roughly $7 billion loss suffered by backer Saudi Arabia’s Public Investment Fund. Lucid issued a statement confirming it is working with an advisor but calling reports of a possible bankruptcy completely false, adding that the company has sufficient liquidity to carry its operations well into next year. Shares remain more than 40% lower Tuesday, weighing on shares of Polestar.
Lucid Group IncReports of potential bankruptcy or take-private deal, despite denial, drove shares to record low.
Polestar Automotive Holding UK PLC Class A ADS
Uber Technologies Inc