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.

The beleaguered electric vehicle manufacturer’s stock crashed on Tuesday after a report indicated it could be considering bankruptcy or going private.

Lucid Group stock dropped 40% after retaining restructuring firm AlixPartners, with prediction markets pricing in a 48-50% chance of bankruptcy before 2027.