Lordstown Motors Corp. , an electric-truck startup, is off to a bumpy start as a public company. In the past month, it said it missed its targets on costs and production, acknowledged it overstated preorders, told investors it didn’t have enough money to start full production and parted with its CEO and CFO.
Yet the company’s investors are rather unfazed: Lordstown’s share price is roughly the same as in mid-May. The stocks of numerous recently listed electric-vehicle companies are showing remarkable resilience in the face of significant turmoil at their businesses. Lordstown, semi-truck maker Nikola Corp. and electric-car maker Canoo Inc. all have share prices that are in line with, or above, the prices from when they struck deals to go public by merging with special-purpose acquisition companies, or SPACs, last year.
Nikola has a market capitalization of $6.5 billion, up more than 60% since it struck its deal to list last year. Months later, the company’s executive chairman resigned after a short seller accused the company of misrepresenting its technology. The company, which denied allegations of fraud, then scuttled multiple new types of vehicles it previously advertised as key to its business, and a partnership with General Motors Co. largely fell apart.
Canoo announced this spring it dropped numerous aspects of its business plan that it sold to investors months earlier, and its CEO, CFO and co-founder all left the company. It has a roughly $2.4 billion market capitalization, unchanged from when it struck the deal to list publicly. None of the three companies have begun commercial production of vehicles.
Likely scams4gov bailouts thats money frauded onUSTaxpayers that they then go give2the rich like marcus lemonis trump biden investors in that specific company&possibly takeover thieves.Whats happenin inUS w/rich cheatin everyone has destroyed entire system&let COVID do gov frauds
wow
Fascinating one
Neat-o!
'Tesla is 10 times safer than a conventional car'
The US can be a has been or a leader. This is the way it is going get out, overcome, adapt and be a leader . We have electric helocopters and rovers on Mars. We can do this.
I'm a living witness to Ms. Lauren that's why I'm sharing this with everyone. In a couple of weeks ago,I started with the minimum investment of $1000 which she was able to set up under management for me, now i make up to $5,000 weekly contact her via whatsapp +1(346)200-8687
nice
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: TMZ - 🏆 379. / 59 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: Forbes - 🏆 394. / 53 Read more »