On Tuesday, Uber CEO Travis Kalanick said that the company was in talks with a number of potential buyers and that the talks are progressing well.
Kalanicky’s comments came as Uber faces scrutiny over its use of a “no-bid” contract that allows it to negotiate a sale for up to 20% of its assets.
The contract, known as an FMCSA, is intended to give companies like Uber an easier way to exit a sale, as they are typically required to sell at least a minority stake in their business.
It has come under scrutiny since it was first revealed in March, when the California Attorney General’s office said that Uber had “abused” the FMCS contract by using it to try to win a $2 billion deal with a private equity firm.
Uber, however, maintains that it did not violate any laws.
Kalantick, speaking at a CNBC event on Tuesday, also hinted at a potential sale.
“We’re in talks to be the first to make a sale,” he said.
“But we’re in discussions right now.”
In a statement to Fortune, Kalanicks representatives said that “we have made some progress on this front.”
They said the company had made “significant progress” and would continue to “help facilitate conversations” with potential buyers.
While the company’s FMCSS is not technically illegal, it is a violation of California’s law that requires companies to disclose any bids made by potential buyers to the state.
If Uber’s proposal is approved, it will mark the first time in the companys history that it will be able to sell assets.
It’s a move that could further complicate the company as it faces pressure from regulators, who have been looking for ways to crack down on the company and other large companies that have struggled to find new ways to get rid of expensive drivers.
The state is looking to increase the minimum wage to $15 per hour by 2020, and is also considering creating an anti-discrimination law that would prevent employers from discriminating against workers based on gender or race.