Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

Klaralven

(7,510 posts)
Fri Mar 12, 2021, 12:39 PM Mar 2021

Lordstown Motors plunges 23% after short-seller report says the EV SPAC has 'no revenue and no sella

Shares of Lordstown Motors tumbled as much as 23% on Friday after short-seller Hindenburg Research said the electric pickup truck maker has misled investors.

The research firm said it had taken a short position in the Lordstown Motors after determining that it has "no revenue and no sellable product."

Lordstown's stock plunged to as low as $13.64 per share on Friday. The company went public via a SPAC in October amid a rush of other EV SPACs including Nikola, Hyliion, Canoo, and Fisker.

Hindenburg slammed Lordstown for misleading investors on both its demand and production capabilities. Lordstown said in January it had received more than more than 100,000 non-binding production reservations from commercial fleets for its EV truck.

"The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck," Hindenburg said. "Our conversations with former employees, business partners and an extensive document review show that the company's orders are largely fictitious and used as a prop to raise capital and confer legitimacy."

https://markets.businessinsider.com/news/stocks/lordstown-motors-stock-price-hindenburg-research-short-seller-electric-vehicle-2021-3-1030180360

1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Lordstown Motors plunges 23% after short-seller report says the EV SPAC has 'no revenue and no sella (Original Post) Klaralven Mar 2021 OP
The Batteries Catching On Fire WHITT Mar 2021 #1

WHITT

(2,868 posts)
1. The Batteries Catching On Fire
Fri Mar 12, 2021, 01:50 PM
Mar 2021

on one of the test vehicles, with the entire truck incinerating, likely didn't help either.


Latest Discussions»General Discussion»Lordstown Motors plunges ...