Lordstown Motors

[Bullitt]

Looks like there might be fraud in the EV patch. Imagine that.

RIDE has been hammered with two 50%+ drawdowns since September 2020. It managed to bounce back from the first one. A short seller report from Hindenburg today revealing fraud at the company might be its death blow.

https://hindenburgresearch.com/lordstown/

 

[nasa1974]

Looks like there might be fraud in the EV patch. Imagine that.

RIDE has been hammered with two 50%+ drawdowns since September 2020. It managed to bounce back from the first one. A short seller report from Hindenburg today revealing fraud at the company might be its death blow.

https://hindenburgresearch.com/lordstown/

Interesting. A sad day for Ohio depending the outcome.

 

[Bullitt]

Set to get hammered again today. One giant fraud? Now down 70% from its top.

Lordstown Motors’ electric pickup truck, Endurance, competed in the SCORE International San Felipe 250 desert race Saturday but came up short in the end.

The Endurance was unable to cross the finish line in Baja California, Mexico.

https://www.wkbn.com/news/local-new...ance-stops-short-of-crossing-the-finish-line/

 

[Bullitt]

Hyper short squeeze today after the company announced it's "Lordstown Week" event. These have been pretty solid sell the news events in the emerging tech space in 2021. Still no response from the company on their allegations of fraud and many are hoping for clarification come their special week.

Also, possible optimism over (what looks to be another fraudulent EV company) JZXN which is opening at $45 but the IPO price was $5.

Jiuzi Holdings Inc is a China-based company mainly engaged in operating new energy vehicles (NEV) retail stores. The Company operates its stores under the brand Jiuzi and sells battery-operated electric vehicles and plug-in electric vehicles in third-fourth tier cities in China. The Company is also involved in franchising NEV retail stores.

 

[Bullitt]

More troubles for the EV patch. Seeking additional cash and production expected to be cut by 50%.

From Reuters:

 

[Bullitt]

Nail in the coffin. Good-bye. (Unless the reddit brigade saves them.)

Electric-truck startup Lordstown Motors Corp. disclosed in a new regulatory filing Tuesday that it doesn’t have sufficient cash to start commercial production and has doubts about whether it can continue as a going concern through the end of the year.

https://www.wsj.com/articles/lordst...-filing-with-going-concern-notice-11623181411

 

[bmneveu]

Nail in the coffin. Good-bye. (Unless the reddit brigade saves them.)



https://www.wsj.com/articles/lordst...-filing-with-going-concern-notice-11623181411

They just raised $700M via SPAC merger. Where did all that cash go?! Yeesh

 

[Bullitt]

Turns out those evil short sellers were right. As a result the CEO and CFO resigned a few days ago. At least there's only a couple hundred employees so the hit to Lordstown, OH won't be that big.

This sums up the problem I have with tech companies. Most, if not all their valuation is based on hype, hope, and buzz words (EV, crypto, blockchain.) Here you have a company that was blowing smoke about many things, not least order numbers.

Soon to be another meme stock when it files for bankruptcy and trades at "cheap" prices of less than $1.

LORDSTOWN HAS NO BINDING PURCHASE ORDERS FROM CUSTOMERS

 

[bmneveu]

Add them to Nikola and we are starting to make a pile of failed, (probably) fraudulent EV companies.

 

[Bullitt]

The rats are really starting to flee the burning barn now. Big insider sale worth $18M by a 10% owner. Those shares are worth a lot less today than they were months or a year ago.

https://www.sec.gov/Archives/edgar/data/1481717/000110465921139850/xslF345X03/tm2133100-1_4seq1.xml

 

[Bullitt]

You'd think the forcing of electric vehicles and appliances on people by politicians would really be good for the EV makers, but it's not.

Just saw this one: https://www.cnbc.com/2021/06/14/lordstown-motors-ceo-and-cfo-resign-.html

Lordstown's latest CEO has resigned. Four CEO's in three years. Down 80% since it's SPAC inception in October 2020.

This sounds similar to a government job. Come in as a 14+ supervisor for a few months. Immediately force through some ideas that previously failed. Use those "initiatives" to pad your resume. Find a new job after one year while leaving everyone with the mess.

How many "CEO's" has your government agency had in the past four years?

 

[weatherweenie]

How many "CEO's" has your government agency had in the past four years?

In my unit, we will be getting our 3rd CEO in four years.

 

[Bullitt]

Poof. Gone.

Lordstown Motors Corp. may be forced to cease operations and file for bankruptcy after manufacturing giant Foxconn told the electric-vehicle company that it’s prepared to pull out of a production partnership.

Shares of Lordstown tumbled 29% to 37 cents a share at 11:17 a.m. in New York. Foxconn’s move was precipitated by a Nasdaq warning last month to Lordstown that its stock may be delisted after falling below a minimum $1 per share level for 30 consecutive days.

https://www.bloomberg.com/news/arti...-to-exit-venture-imperils-viability#xj4y7vzkg