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LORDSTOWN MOTORS CORP.

(RIDE)
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Lordstown Motors : Limited production close for Lordstown, future still hazy

08/13/2021 | 10:11am EDT

Lordstown Motors expects to begin limited production of its electronic pickup truck next month, yet the future of the Ohio start-up remains hazy.

In addition to this week's announcement that the company, based just outside of Youngstown, aims to begin production in September, Executive Chairwoman Angela Strand said Lordstown also expects to complete vehicle validation and regulatory approvals in December and January. The first deliveries to a select group of customers should begin in the first quarter, Strand said, with commercial deliveries expected early in the second quarter.

However, the company has fought to secure new funding and on Friday it said again that it was unable to guarantee that it will last through the year.

Lordstown said it had cash and cash equivalents of approximately $365.9 million and an accumulated deficit of $367.9 million at the end of June. It had a net loss of $233.4 million for the six months ended June 30.

The company repeated Friday that its current level of cash is not sufficient to fund commercial scale production.

Current conditions “raise substantial doubt regarding our ability to continue as a going concern for a period of at least one year from the date of issuance of these unaudited condensed consolidated financial statements," Lordstown said.

Shares, which have fallen more than 70% this year, slid another 5% Friday.

Lordstown has been under increasing scrutiny in recent months after the company acknowledged that it had no firm orders for its vehicles, just after saying it had enough demand to maintain production through 2022. The company’s CEO and chief financial officer resigned and this month, Lordstown acknowledged receiving two subpoenas from federal regulators and said that prosecutors in New York have opened an investigation.

The company said its currently evaluating various funding options and may look to raise additional funds.

Last month Lordstown disclosed in a filing with the Securities and Exchange Commission that it received an investment of up to $400 million. Hedge fund YA II PN Ltd agreed to buy up to $400 million worth of its shares over three years.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

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Analyst Recommendations on LORDSTOWN MOTORS CORP.
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Financials (USD)
Sales 2021 3,34 M - -
Net income 2021 -445 M - -
Net Debt 2021 26,1 M - -
P/E ratio 2021 -2,02x
Yield 2021 -
Capitalization 888 M 888 M -
EV / Sales 2021 274x
EV / Sales 2022 1,70x
Nbr of Employees 320
Free-Float 63,0%
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Lordstown Motors Corp. Technical Analysis Chart | RIDE | US54405Q1004 | MarketScreener
Technical analysis trends LORDSTOWN MOTORS CORP.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 8
Last Close Price 5,02 $
Average target price 4,75 $
Spread / Average Target -5,38%
EPS Revisions
Managers and Directors
Daniel A. Ninivaggi Chief Executive Officer & Director
Rich Schmidt President
Rebecca A. Roof Chief Financial Officer
Angela Strand Boydston Non-Executive Chairman
Darren C. Post Vice President-Engineering
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