Lordstown Motors is seeking additional capital to start production of its Lordstown Endurance electric pickup at the former GM Lordstown Assembly plant.
Lordstown Motors, after showing a net loss of $125 million in Q1 and reporting that initial production will be limited, now says that it needs a cash injection.
Shares of electric-pickup start-up
Lordstown Motors (NASDAQ:RIDE) were down sharply on Wednesday, a day after the company warned in a regulatory filing that there is substantial doubt about its ability to continue as a going concern.
As of 1:30 p.m. EDT, Lordstown s shares were down about 10.6% from Tuesday s closing price and had fallen about 36% since the release of the filing on Tuesday afternoon.
So what
In a revised version of its 10-K annual report filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday afternoon, Lordstown for the first time warned investors that it might not have enough cash to stay in business for another year.
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North and South American markets finished mixed as of the most recent closing prices. The Bovespa gained 1.21%, while the IPC led the S&P 500 lower. They fell 1.14% and 0.06% respectively.
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