RIDE - Lordstown Motors falls sharply with spotlight on potential cash crunch

Lordstown Motors Corp. (NASDAQ:RIDE -9.7%) slides after the electric vehicle maker reported earnings and disclosed that some planned deliveries will not happen until 2023. Even more pressing for RIDE investors is the May 18 closing deadline for the deal to sell its Ohio factory to Foxconn or the company will have to refund about $250M in down payments. On the cash crunch, Lordstown Motors (RIDE) CFO Adam Knoll said on the earnings conference call that another $150 million will probably need to be raised before the end of the year even if the Foxconn sale closes. As part of the earnings report, Lordstown Motors (RIDE) reaffirmed an expected Q3 start date for commercial production of the Endurance at an initial production target of approximately 500 units. Commercial deliveries are expected to begin in Q4. Lordstown Motors (RIDE) traded as low as $1.55 on Monday after hitting a high point of

For further details see:

Lordstown Motors falls sharply with spotlight on potential cash crunch