Lordstown Motors shares fall as much as 12% after confirming SEC inquiry

cnbc2021-03-18

KEY POINTS Shares of electric vehicle start-up Lordstown Motors were down as much as 12% during intraday trading Thursday morning. The decline follows the company confirming the U.S. Securities and ...

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Comments

GerwynLee
2021-03-19
GerwynLee
I guess Lordstown did state that they were pre-orders, but they still have had their product tested during the tug-of-war against Ford[思考]
lunthegreat
2021-03-19
lunthegreat
Another nikola scam
Kelvinyoon26
2021-03-19
Kelvinyoon26
Like
Austin韩
2021-03-19
Austin韩
Cool
- WangWang99:
  Good
ongcjeric
2021-03-19
ongcjeric
Good. pls comment back to me
- EV8:
  ??
- SSVC:
  [强][握手]
- Hamsterwan:
  cool
- SSVC:
  [强][握手]
PooYen
2021-03-19
PooYen
Please like and comment Thanks
- Farida:
  ok
- Kingkong1234:
  Like and comments
- TC88:
  pls response and like. thanks

Leave a comment

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The short-seller claimed the pickup was years away from production, however Lordstown maintains it’s on track to start producing the vehicle in September.\nLordstown CEO Steve Burns declined to comment on the SEC inquiry Thursday morning to CNBC. He told investors during the company’s first earnings call as a public company Wednesday that it was “cooperating” with federal officials.\nBurns said the company’s highly-touted pre-orders of more than 100,000 pickups — a main target of the Hindenburg report — were simply meant to gauge customer interest, not to confirm future sales. The company previously categorized the pre-orders as “non-binding production reservations” as well, but Burns also has referred to them as “very serious orders.”\n“We’ve always been very clear, right? These are just what they’re intended to be. These are non-binding, letters of intent. They’re called pre-orders out in the real world,” he said Thursday onCNBC’s “Squawk Box.”He later added, “I don’t think anyone thought that we had actual orders, right? That’s just not the nature of this business.”\nShares of Lordstown have tumbled by about 24% since Hindenburg released the report Friday. The stock was down by about 10% during intraday trading Thursday morning. The company’s market cap is $2.3 billion.\nThe company on Wednesday also increased its guidance on capital and operational expenses for this year, largely citing decisions to accelerate the development of its second product (a van) and do more in house production.\nLordstown went public through a special purpose acquisition company, or SPAC,in October.It is among a growing group of electric vehicle start-ups going public through deals with SPACs, which have become a popular way of raising money on Wall Street because they have a more streamlined regulatory process than traditional initial public offerings.\nHindenburg’s report on Lordstown comes about six months after it released a scathing report regarding another EV-SPAC start-upNikola. That report also led to federal inquires as well asthe resignationof the company’s founder and chairman, Trevor Milton.\nShort selling is when investors, mostly professional hedge fund managers, borrow shares of a stock from a broker and sell them in the hope of buying them back cheaper. If the stock drops, the investors make a profit off the difference when they return the shares to the broker.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":327422243,"gmtCreate":1616118590382,"gmtModify":1704791174554,"author":{"id":"3567859927536608","authorId":"3567859927536608","name":"GerwynLee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3567859927536608","authorIdStr":"3567859927536608"},"htmlText":"I guess Lordstown did state that they were pre-orders, but they still have had their product tested during the tug-of-war against Ford[思考]","listText":"I guess Lordstown did state that they were pre-orders, but they still have had their product tested during the tug-of-war against Ford[思考]","text":"I guess Lordstown did state that they were pre-orders, but they still have had their product tested during the tug-of-war against Ford[思考]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327422243","repostId":1145712318,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":327523263,"gmtCreate":1616111599952,"gmtModify":1704791037783,"author":{"id":"3570006481216354","authorId":"3570006481216354","name":"lunthegreat","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3570006481216354","authorIdStr":"3570006481216354"},"htmlText":"Another nikola scam","listText":"Another nikola scam","text":"Another nikola scam","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327523263","repostId":1145712318,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":327562846,"gmtCreate":1616111088985,"gmtModify":1704791030022,"author":{"id":"3558581504257803","authorId":"3558581504257803","name":"Kelvinyoon26","avatar":"https://static.tigerbbs.com/17c18f026fcaa77f437cb20f39e1b4ef","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3558581504257803","authorIdStr":"3558581504257803"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/327562846","repostId":1145712318,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":327537306,"gmtCreate":1616109105705,"gmtModify":1704790995806,"author":{"id":"3573219888269818","authorId":"3573219888269818","name":"Austin韩","avatar":"https://static.tigerbbs.com/44226728b78011ea8b9a1c71fd7277b7","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3573219888269818","authorIdStr":"3573219888269818"},"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/327537306","repostId":1145712318,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3831228,"gmtCreate":1616111045477,"gmtModify":1680780936203,"authorId":3571302014333483,"author":{"id":3571302014333483,"idStr":"3571302014333483","authorId":3571302014333483,"name":"WangWang99","avatar":"https://static.tigerbbs.com/fd291ad34521fc1ebab496105c2f882d","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327537306,"type":1,"supId":0,"prevId":0,"content":"Good","text":"Good","html":"Good"}],"langContent":"EN"},{"id":327531822,"gmtCreate":1616108586766,"gmtModify":1704790987686,"author":{"id":"3576895774513119","authorId":"3576895774513119","name":"ongcjeric","avatar":"https://static.tigerbbs.com/a4eece6de8f766cfa9770954976d8ae8","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3576895774513119","authorIdStr":"3576895774513119"},"htmlText":"Good. pls comment back to me","listText":"Good. pls comment back to me","text":"Good. pls comment back to me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/327531822","repostId":1145712318,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3840340,"gmtCreate":1616209988702,"gmtModify":1680781069789,"authorId":3576472032670521,"author":{"id":3576472032670521,"idStr":"3576472032670521","authorId":3576472032670521,"name":"EV8","avatar":"https://community-static.tradeup.com/news/49db5086746d5ad4581b298b77a14995","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-1","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Elite Trader","description":"Total number of securities or futures transactions reached 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like and comment Thanks &nbsp;","listText":"Please like and comment Thanks &nbsp;","text":"Please like and comment Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/327590537","repostId":1145712318,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3830858,"gmtCreate":1616108300185,"gmtModify":1680780930032,"authorId":3570019694307822,"author":{"id":3570019694307822,"idStr":"3570019694307822","authorId":3570019694307822,"name":"Farida","avatar":"https://static.tigerbbs.com/a47cbc0316f151ff39c8b8a3f530a7f2","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327590537,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":3831086,"gmtCreate":1616109971865,"gmtModify":1680780928742,"authorId":3558034199477068,"author":{"id":3558034199477068,"idStr":"3558034199477068","authorId":3558034199477068,"name":"Kingkong1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327590537,"type":1,"supId":0,"prevId":0,"content":"Like and comments ","text":"Like and comments ","html":"Like and comments "},{"id":3830790,"gmtCreate":1616107639074,"gmtModify":1680780927309,"authorId":3569493945217915,"author":{"id":3569493945217915,"idStr":"3569493945217915","authorId":3569493945217915,"name":"TC88","avatar":"https://static.tigerbbs.com/ea49250ec06f06d5c0a8d65dbd1900ef","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":327590537,"type":1,"supId":0,"prevId":0,"content":"pls response and like. <u>thanks</u>","text":"pls response and like. <u>thanks</u>","html":"pls response and like. <u>thanks</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":73,"commentSize":13,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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