EV startups lose over $40 billion after taking SPAC route public
EV startups lose over $40 billion after taking SPAC route public
BLOOMBERG
The Lordstown Motors Endurance electric pickup.
At their highs, five electric-vehicle startups that went public through mergers with special purpose acquisition companies were worth $60 billion. The corrections that followed have been brutal.
Three of the companies plumbed new lows this week as short-seller attacks, management turmoil and execution issues lead investors to reconsider their prospects. They ve lost more than $40 billion of market capitalization combined from their respective peaks.
The sliding valuations of Nikola Corp., Fisker Inc., Lordstown Motors Corp., Canoo Inc. and Arrival Ltd. underscore the risks surrounding the blank-check boom. Unlike in a traditional initial public offering, going public via SPAC allows companies to make forward projections to investors during their listings. This was key to ginning up interest in
EV Startups Lose Over $40B After Taking SPAC Route themiddlemarket.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from themiddlemarket.com Daily Mail and Mail on Sunday newspapers.
At their highs, five electric vehicle startups that went public through mergers with special purpose acquisition companies were worth $60 billion. The corrections that followed have been brutal.
Share this article
Share this article
RADNOR, Pa., May 14, 2021 /PRNewswire/ The law firm of Kessler Topaz Meltzer & Check, LLP gives final deadline reminder in securities fraud class action lawsuit to investors of Lordstown Motors Corp. (NASDAQ: RIDE) ( Lordstown ) f/k/a DiamondPeak Holdings Corp. (NASDAQ: DPHC) ( DiamondPeak ) filed on behalf of those who purchased or acquired Lordstown securities
between August 3, 2020 and March 24, 2021, inclusive (the Class Period ).
Deadline Reminder: Investors who purchased or acquired Lordstown securities
during the Class Period may,
no later than May 17, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at[email protected];
The Gross Law Firm Announces Class Actions on Behalf of Shareholders of RIDE, ACAD and CCIV yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.