Lordstown Motors: Here's the next shoe to probably drop on battered investors

Yahoo Finance2021-06-15

Lordstown Motors (RIDE) looks like one hot uninvestable mess right now, plainly put. But the rollercoaster of a ride for beleaguered investors (what is left of them, anyway) is likely far from over. ...

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Comments

LeleTrading
2021-06-15
LeleTrading
like
a372b3b
2021-06-15
a372b3b
Oh man
- iisterry:
  Why?
stocking2021
2021-06-15
stocking2021
Like
cavanng
2021-06-15
cavanng
Not sure GM will come in to save
- starry123:
  k
- HoeMeng:
  Hope so

Leave a comment

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Angela Strand — its lead independent director — will assume the CEO position until a permanent leader is found. Becky Roof — an outside hire with extensive finance function experience — has been named interim CFO.\nThe resignations come a mere days removed from Lordstown warning in a new SEC filing on its ability to continue as a going concern. Lordstown is also a few weeks removed from telling investors it needed cash — quickly — if it were to meet its new lowered production targets for its electric truck called the Endurance.\nShares of the company crashed more than 20% in afternoon trading.\nThe company also said Monday that a special board committee found that some disclosures it had made on pre-orders for its Endurance truck to be inaccurate. But, it called a report from short-seller Hindenburg Research false and misleading.\nThat said, there could be several more shoes to drop on Lordstown investors in the coming weeks.\nChief among them is what Burns does with his nearly 27% stake in Lordstown. Dumping Lordstown stock could create more selling pressure in the market. It wouldn't be too different than when now ex-Nikola CEO and founder Trevor Milton sold a large slug of stock in April, which put pressure on the stock price. Milton left the company after a critical Hindenburg Research report late in 2020.\n\"Anticipate technical selling pressure related to potential stock disposals from departing management, particularly Mr Burns who is the single largest shareholder of RIDE with a 26.25% stake as of the amended 10-K filed June 8th, 2021 (46.35M shares),\" Morgan Stanley auto analyst Adam Jonas said in a note to clients today.\nJonas recently pulled his rating on Lordstown amidst the uncertainty in its outlook.\nLordstown Motors, unveils their new electric pickup truck Endurance in Lordstown, Ohio, on October 15, 2020. (Photo by MEGAN JELINGER / AFP) (Photo by MEGAN JELINGER/AFP via Getty Images)MEGAN JELINGER via Getty Images\nThe other concern for investors is if permanent management — once solidified — sticks with the signature hub and motor design of the Endurance truck. If they don't, it could prove mighty costly to overhaul.\nExplained Jonas, \"We continue to believe the biggest issue facing the company is the dependency of the proposition systems in-hub motors. While a change of architecture would add as much as a year or two to the start of production, we believe moving to an alternative motor strategy or an entirely different product and go-to-market strategy altogether may be required to preserve sustainable equity value. It is our understanding that Steve Burns was the primary proponent of the hub motor system.\"\nAnd finally, there remains the skeletons in Lordstown's closet from Burns that creates a host of unknowns as new management eventually digs in. Consider these factoids: two of the company's board members (Strand and John Rucidlo) have ties (both worked there during Burns' tenure) to Workhorse Group, the trucking company founded by Burns.\nMeanwhile, the entire Lordstown board oversaw the creation of its existing mess.\nIt's likely most of the board will need to be overhauled along with the Burns-created management team. And with that, presents a whole lot of risk.\nYahoo Finance has reached out to Strand to appear on Yahoo Finance Live to discuss the company's current state.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":187176673,"gmtCreate":1623748047292,"gmtModify":1704210300079,"author":{"id":"3585651183951378","authorId":"3585651183951378","name":"LeleTrading","avatar":"https://static.tigerbbs.com/f57be370264e6972424b2eeb00d4bb0e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3585651183951378","authorIdStr":"3585651183951378"},"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/187176673","repostId":2143738027,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":187955235,"gmtCreate":1623736753427,"gmtModify":1704209999063,"author":{"id":"3563785061478851","authorId":"3563785061478851","name":"a372b3b","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3563785061478851","authorIdStr":"3563785061478851"},"htmlText":"Oh man&nbsp;","listText":"Oh man&nbsp;","text":"Oh man","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/187955235","repostId":2143738027,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4769484,"gmtCreate":1623749281574,"gmtModify":1663228842452,"authorId":3574735608125569,"author":{"id":3574735608125569,"idStr":"3574735608125569","authorId":3574735608125569,"name":"iisterry","avatar":"https://static.tigerbbs.com/d1e6ac22c3e636a9e4d60bfd6d96be2a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":187955235,"type":1,"supId":0,"prevId":0,"content":"Why?","text":"Why?","html":"Why?"}],"langContent":"EN"},{"id":187926530,"gmtCreate":1623736011620,"gmtModify":1704209982744,"author":{"id":"3568884437454464","authorId":"3568884437454464","name":"stocking2021","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3568884437454464","authorIdStr":"3568884437454464"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187926530","repostId":2143738027,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":187984550,"gmtCreate":1623734905870,"gmtModify":1704209960022,"author":{"id":"3586513487240253","authorId":"3586513487240253","name":"cavanng","avatar":"https://static.tigerbbs.com/14234c125240a22df8bd46856ddedcc4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3586513487240253","authorIdStr":"3586513487240253"},"htmlText":"Not sure GM will come in to save&nbsp;","listText":"Not sure GM will come in to save&nbsp;","text":"Not sure GM will come in to save","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/187984550","repostId":2143738027,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4764901,"gmtCreate":1623736438534,"gmtModify":1663228822458,"authorId":3574823700698255,"author":{"id":3574823700698255,"idStr":"3574823700698255","authorId":3574823700698255,"name":"starry123","avatar":"https://static.tigerbbs.com/87d54ddf9f429d363c691c937e6c97a4","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":187984550,"type":1,"supId":4764639,"prevId":0,"content":"<u>k</u>","text":"<u>k</u>","html":"<u>k</u>"},{"id":4764639,"gmtCreate":1623735345323,"gmtModify":1635320566824,"authorId":3569586413767440,"author":{"id":3569586413767440,"idStr":"3569586413767440","authorId":3569586413767440,"name":"HoeMeng","avatar":"https://static.tigerbbs.com/204cb10cf0f04fed8899705e7a54ea54","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":187984550,"type":1,"supId":0,"prevId":0,"content":"Hope <u>so</u>","text":"Hope <u>so</u>","html":"Hope <u>so</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":28,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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