Lordstown Motors Says It Doesn't Have Cash to Start Commercial Production


Money. Checkout lordstown motors dropping sharply today after the company issued a stark warning about its future. Let's get to filipo with the details. Hi phil what's going on. You know this is a no report from lordstown motors. That is not an incomplete surprise given the fact that the company on friday was told by the nasdaq. Look you've got to file a ten q. You haven't done it if you don't file one. We may d list you well. They filed the ten q today including a going concern. Notice and in that. Going concern the outline. What the problem is. It's all about cash. And we've known this for some time that they have very little cash they were looking for some strategic investors possibly some infusion of cash the company saying the company believes that its current level of cash and cash equivalents are not sufficient to fund commercial scale production and the launch the sale of such vehicles. We're talking about the first pickup truck which is scheduled to go into production by the end of the third quarter. That is the endurance pickup truck. But as you take a look at shares of lordstown again losing about thirty percent courtney. Just today the real question becomes. They don't have the cash right now. They don't find a strategic investor. They don't come up with some way to get a big infusion of cash as quickly as possible will they even make it to production by the end of the third quarter curious to see what happens over the next couple of weeks so filled this sort of like you said at the beginning of your report just confirmation previously what they basically told us when they reported their earnings they didn't official official capacity and ten cute right right but anytime you say were questioning whether or not we can be a going concern that really that's ultimately if you're an investor you'd sit there and say going to keep my money in these guys because there's a decent chance that the may not be around three months six months from now

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