Live by the SPAC, die by the SPAC:
I'm sure the triple tetons on the chart mean something, possibly just prior to where some PIPE investors exited or a machination to entice warrant exercise but overall it appears RIDE is following Nikola down the highway to hell.
Electric pickup truck startup Lordstown Motors Corp. (NASDAQ: RIDE) might not survive the year unless it raises more money, the company said Tuesday, declaring it is in danger of remaining a “going concern.”
After a recent runup in its stock price on the fringe of a meme stock rally, Lordstown shares plummeted 16.2% in late trading Tuesday following the disclosure of amendments to its annual report filed with the Securities and Exchange Commission (SEC).
Since going public in a business combination with special purpose acquisition company (SPAC) Diamond Peak Holdings Corp. last October, Lordstown (LMC) has been beset with troubles.
Short seller Hindenburg Research accused LMC of faking many of the 100,000 preorders it claimed to have for its battery-powered pickup called Endurance. Lordstown conceded that it paid to generate some of the order flow for the Endurance to excite the market, but the company denied any wrongdoing.
Problems aplentyThe SEC is investigating the company. Other setbacks included an early exit from the San Felipe 250 racing event in Mexico, where Lordstown hoped to show the toughness of the Endurance, which used too much battery power to continue.
More recently, competition from established automakers Ford Motor Co. (NYSE: F) and General Motors (NYSE: GM) chilled Lordstown’s prospects in the commercial pickup market....
....MUCH MORE
