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Lordstown Motors receives $400 million investment from hedge fund


Lordstown Motors receives $400 million investment from hedge fund
Detroit  Lordstown Motors Corp. has received a $400 million equity investment from a New Jersey-based hedge fund to help the startup launch and accelerate production of its Endurance electric truck in September. 
The Ohio-based startup and YA II PN Ltd., a fund managed by New Jersey-based Yorkville Advisors Global LP, formed an equity purchase agreement on July 23 in which YA agreed to purchase up to $400 million of Lordstown s Class A common stock with the price equaling or exceeding $7.48 per share, according to a filing Monday with the Securities and Exchange Commission. 
Lordstown s stock jumped 10% after the announcement, but then declined throughout the trading session and closed down 2.5% at $7.29 per share. The investment comes after months of struggle for the startup, which told the SEC last month it might not survive the next year without additional funding. Lordstown is one of ....

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Economy, not swine flu, sends chill thru New York City's tourism


The good news is that swine flu doesn’t seem to be stopping the masses of visitors from flocking to New York City this unfolding tourist season.
The good news is that swine flu doesn’t seem to be stopping the masses of visitors from flocking to New York City this unfolding tourist season.
The bad news is that the severe global downturn is expected to cause a 4% drop in tourist visits this summer.
“We do not think H1N1 will have any real impact on the number of visitors that will come in this summer,” said Kimberly Spell, senior vice president at NYC & Company, the city’s marketing and tourism organization. “Now, the economy – that’s a different story.” ....

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