Lordstown stock reverts higher after company says it’s in ‘active’ talks with new investors

Shares of Lordstown Motors Corp.
reverted to gains Wednesday after the company sought to assure investors it had not run out of money to bring its electric pickup trucks to market. The company on Tuesday added warnings to its delayed security filings about its ability to maintain operations for at least a year, saying it will look at funding options, which sent the stock on a downward spiral. A spokesperson for Lordstown said Wednesday the electric-vehicle maker is “debt free,” has “significant” tangible assets and “multiple viable avenues to raise capital,” including asset-backed financing, equity, equity-related or debt financing, loans, and “potential strategic investments over the longer term. We are already in active conversations with multiple parties to do so.” Shares of Lordstown are down 44% this year, contrasting with gains around 12% for the S&P 500 index.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *