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Where are the Great Lakes located?
Criminal.
Steven Burns needs to go to jail.
If you had invested $250k back when Steven Burns was saying they had 100k firm pre-orders and would start production by September of 2021, you now have approx. $2067.00 residual value left in your account after today's RS - or in other words, you've lost $248k of your "investment".
And not a single word from the SEC.
Looks like this scam will be dropping about .50 per day until we are under $1.00 again.
LMFAO
It’s over DP. Time to move on and cut your losses.
This will be under $1 before 10 days gets here!
You tell me padre!
So what. The stock is toast either way.
Already down 12% after RS.
Company management are a group of con artists!
Just milking the cash cow til it’s bone dry.
Ihub still showing OLD SS data! It's 15mm issued.
Why is IHUB still showing old data???
RIDE's "Early investors" got in around $10.00. That would make it more like $150.00.
I believe the investors that bought in @ or over $20.00 would be better referred to as "chasers".
This should make the effective share price something like $450 if you were an early investor like me.
Steven Burns needs to go to jail. I'm hoping a class action will start soon.
Which will come first? Delisting or BK?
Already down 10% after the RS. POS!!!
The CEO is a fool to think a RS will save this company without a plan in place to turn things around.
They are just milking the cow dry now!
Surprised at how well RIDE is holding up on the eve of an RS.
Lordstown Motors Corp. Announces Reverse Stock Split
Go Back
May 23, 2023
https://investor.lordstownmotors.com/news-releases/news-release-details/lordstown-motors-corp-announces-reverse-stock-split
LORDSTOWN, Ohio, May 23, 2023 (GLOBE NEWSWIRE) -- Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors,” “LMC” or the “Company”), an original equipment manufacturer (“OEM”) of electric vehicles focused on the commercial fleet market, today announced that it will effect a 1:15 reverse stock split (the “Reverse Stock Split”) of its Class A common stock, $0.0001 par value per share (the “Class A common stock”), that will become effective at 12:01 a.m. Eastern Time on May 24, 2023 (the “Effective Time”). Lordstown Motors’ Class A common stock will begin trading on a split-adjusted basis on the Nasdaq Global Select Market (“Nasdaq”), under its existing symbol, “RIDE”, when the market opens on May 24, 2023. The new CUSIP number for the Company’s Class A common stock will now be 54405Q 209.
The Reverse Stock Split was approved by the Company’s stockholders at its 2023 Annual Meeting of Stockholders, held on May 22, 2023, with the final ratio determined by the Company’s board of directors. The Company has filed an amendment to its Second Amended and Restated Certificate of Incorporation, as amended, to effect the Reverse Stock Split as of the Effective Time.
The Reverse Stock Split will automatically cause each 15 shares of the Company’s issued and outstanding Class A common stock to be combined into one issued and outstanding share of Class A common stock. Outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share of Class A common stock will instead receive cash in an amount equal to such fraction multiplied by the closing price of the Class A common stock on Nasdaq on May 23, 2023, as adjusted to account for the Reverse Stock Split. The Reverse Stock Split will not change the par value or authorized number of shares of Class A common stock and will not change the par value or the authorized or outstanding number of shares of the Company’s preferred stock, including its Series A Convertible Preferred Stock (the “Preferred Stock”).
The Reverse Stock Split is intended to improve the marketability and liquidity of the Class A common stock. A higher market price can make the Class A common stock more attractive to a broader range of institutional investors, professional investors, and other members of the investing public. In addition, the Reverse Stock Split is intended to increase the per share market price of the Class A common stock in order to satisfy Nasdaq’s $1.00 minimum bid price requirement (the “Bid Price Requirement”).
As previously disclosed, the Company and Foxconn (as defined below) have a dispute concerning whether the April 21, 2023 letter the Company received from Nasdaq regarding the Bid Price Requirement caused a failure of a condition to closing Foxconn’s purchase of approximately 10% of the Company’s common stock for $47.3 million. The Company believes that there was no failure of any closing condition, and the Company was ready, willing and able to close that transaction on May 8, 2023, as required by the Investment Agreement (the “Investment Agreement”) entered into by the Company on November 7, 2022 with Foxconn Ventures Pte. Ltd., an affiliate of global technology company Hon Hai Technology Group (“Foxconn”). Foxconn took a contrary position and refused to close. The Company reserves all rights against Foxconn, including rights arising out of its failure to timely close the stock purchase. If the reverse split causes the Class A common stock price to remain above $1.00 per share for 10 consecutive trading days and Nasdaq notifies the Company that the Bid Price Requirement has been satisfied, that may satisfy Foxconn’s (incorrect) interpretation of the closing condition and cause Foxconn to close the transaction. The Company remains ready, willing and able to close. No assurance can be given regarding the impact of the Reverse Stock Split on the stock price or that Foxconn will meet its obligation to close, even if the stock price remains above $1.00 for the 10 trading-day period. While the Company remains willing to negotiate with Foxconn in an effort to resolve its disputes, no agreement currently exists and the Company cannot predict whether such an agreement will be reached in the future.
Since start of commercial production, the Company has completed 56 Endurance vehicles and delivered 18 to customers, 12 since resuming deliveries in late April. The Endurance continues to improve with each software update, and our team is encouraged by the most recent customer feedback. In light of the Foxconn dispute and the uncertainty regarding whether or to what extent Foxconn will fulfill its funding obligations under the Investment Agreement, the Company has taken aggressive actions to reduce costs and preserve liquidity. As of April 30, 2023, the Company had cash, cash equivalents and short-term investments of approximately $165 million, a decrease of approximately $11 million from the quarter ended March 31, 2023.
Additional information on the Reverse Stock Split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 11, 2023, which is available on the SEC’s website at www.sec.gov and on the Company’s website, www.lordstownmotors.com.
About Lordstown Motors Corp.
Lordstown Motors is an electric vehicle (“EV”) OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle and being launched in the Foxconn EV plant in Lordstown, Ohio. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. For additional information visit www.lordstownmotors.com.
Enjoy the toast!
Where everyone go? No one here anymore?
It's so great today, not having thrown away living hell here today. Thank you!
Agreed.
I too believe that the plan has always been to liquidate Burns out and initiate a 15:1 reverse split to elevate the position back over a dollar and back into NASDQ compliance.
You always need to take out the garbage before you can renovate.
I don’t think that the Endurance was the main objective either; rather, IMHO, I believe that it served as a “proof-of-concept” for another platform/initiative.
FOXCONN has multiple irons in the fire and initiatives that are commensurate with what the Lordstown factory could provide.
When investing, I always hedge my position with options, playing both sides of the swing—it’s worth the double premium —and almost always follow the flow of volume thereof.
I may be wrong, but I think the “play/hold” is worth the risk.
I have been relentless taking profit—both on the way up and on the way down—ever since Mr. Watts mentioned this position well over a year ago.
Betting they are liquidating Burns then as soon as he is completely out, we will see a reverse split to get above $1. It will satisfy Foxconn, which will then restructure the deal.
Illegal Short Selling is going to hit the fan all at once.
My team believes that Burns is being liquidated but naked
shorts also exist here but not for long.
They will all be gone in one final sweep according to Nesara Gesara intel.
Banks and Hedge Funds belonging to the crown will soon dissolve. Abruptly
It's only matter of time for short selling loser Hedge Funds as more than 4800 U.S. Banks have now closed.
One by one, all loser short selling Banks and Hedge Funds will be gone.
Short sellers are about to burn.
Have they declared bankruptcy yet?
BWAHAHAHA!!!! Nice try. This won’t help RIDE.
2 Foxconn board members added to Lordstown board on May 11!
https://stocktwits.com/Max_Payne1402/message/527354464
Reddit:
LMC's new vehicle platform to be seen August 3rd?
If you read the agreement between Foxconn and Fisker ([https://www.sec.gov/Archives/edgar/data/1720990/000119312521163828/d14073dex101.htm](https://www.sec.gov/Archives/edgar/data/1720990/000119312521163828/d14073dex101.htm)) regarding the PEAR, it's not just about manufacturing, it's a partnership. Part of the partnership is the "Platform Sharing Agreement", much like Magna Steyr did for the Ocean, Foxconn is required to supply the EV platform.
It's likely that at the time of the agreement the idea was for Foxconn to build a plant in the US capable of building vehicles on the MIH platform that was created for the Model C. The MIH platform the Model C is built on uses a megacast chassis, and Fisker has said the PEAR platform has changed and will now be based on a steel frame chassis - like the Endurance.
Since LMC has partnered with Foxconn, via both the JV (MIH EV Design) and the direct $170M direct investment, the focus has been the creation of a MIH based 'new vehicle platform' - the $100M preferred share investment specifically earmarks the investment for that purpose.
Foxconn is required to provide Fisker a MIH EV platform to build the PEAR on and Foxconn is paying (investing in) LMC to create an new MIH EV platform. It seam logical that this new MIH EV platform LMC is creating is the platform that will be used for the PEAR.
Fisker has stated that they will be releasing other vehicles on the same platform the PEAR will use. Today during Fiskers ER they announced that on August 3rd, Fisker will reveal the PEAR (SUV), Ronin (sports car) and the Alaska (pickup).
This reminded me of Hydra Design Labs Facebook cover photo. Hydra Design Labs did initial design and clay modeling for both the Endurance and the Monarch tractor. And last year they updated their Facebook cover page showing three vehicles covered with black tarps, they appeared to be a sports car, a SUV and a Pickup.
Here's the pic -
https://preview.redd.it/jgexn8z9htya1.jpg?width=851&format=pjpg&auto=webp&v=enabled&s=5a3ca2331dad3ff3852e26336e59c31c37361592
I think it's very possible that there is a significant partnership between Foxconn, Fisker, LMC and Hydra , and if there is we should know about it on or before August 3rd.
Saving Grace,
RIDE is worthless and it is only a matter of time before the share price is $0.00. 37 cents per share today is REAL MONEY!!
Think about it - Tomcat
The Endurance is toast…and RIDE is on it’s way to toast.
Lordstown Motors is Hiring! Listed on 2023-05-05
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-05
Job specializations:
Engineering
Software Engineer, Test Engineer, Automation Engineer
Software Development
Python, Software Engineer
https://www.learn4good.com/jobs/farmington/michigan/engineering/2310245362/e/
Dimensional Validation Engineer - Body Closures
Job in Farmington - Oakland County - MI Michigan - USA , 48331
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-05
Job specializations:
Engineering
Automotive Engineer, Electrical Engineer, Manufacturing Engineer, Mechanical Engineer
=========================
Dimensional Validation Engineer - Body Closures
Job in Farmington - Oakland County - MI Michigan - USA , 48331
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-05
Job specializations:
Engineering
Automotive Engineer, Electrical Engineer, Manufacturing Engineer, Mechanical Engineer
https://www.learn4good.com/jobs/farmington/michigan/engineering/2310254502/e/
===========================
Software Engineer
Job in Farmington - Oakland County - MI Michigan - USA , 48331
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-05
Job specializations:
Engineering
Software Engineer, Test Engineer, Automation Engineer
Software Development
Python, Software Engineer
https://www.learn4good.com/jobs/farmington/michigan/engineering/2310245362/e/
============================
Director - Strategy & Software Defined Vehicles Product Planning
Job in Farmington Hills - Oakland County - MI Michigan - USA
Listing for: Lordstown Motors Corporation
Full Time position
Listed on 2023-05-05
Job specializations:
=================================
Director - Strategy & Software Defined Vehicles Product Planning
Job in Farmington Hills - Oakland County - MI Michigan - USA
Listing for: Lordstown Motors Corporation
Full Time position
Listed on 2023-05-05
Job specializations:
https://www.learn4good.com/jobs/farmington-hills/michigan/automotive/2308891118/e/
=====================================
Purchasing Manager
Job in Farmington Hills - Oakland County - MI Michigan - USA
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-03
Job specializations:
Supply Chain/Logistics
Supply Chain, Commodity Manager, Procurement, Purchasing
Management
https://www.learn4good.com/jobs/farmington-hills/michigan/logistics/2305337085/e/
===============================
Design and Release Engineer - Powertrain Systems
Job in Farmington - Oakland County - MI Michigan - USA , 48331
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-02
Job specializations:
Engineering
Electronics Engineer, Automotive Engineer, Electrical Engineer, Mechanical Engineer
Design/Web/Multimedia
https://www.learn4good.com/jobs/farmington/michigan/engineering/2302611711/e/
==================================
EE Systems Engineer
Job in Farmington - Oakland County - MI Michigan - USA , 48331
Listing for: Lordstown Motors Corp
Full Time position
Listed on 2023-05-02
Job specializations:
Engineering
Electrical Engineer, Systems Engineer, Electric Vehicle
Automotive
Automotive Technology, Electric Vehicle
https://www.learn4good.com/jobs/farmington/michigan/engineering/2302503648/e/
=============================
Director - Battery Engineering
Job in Farmington Hills - Oakland County - MI Michigan - USA
Listing for: Lordstown Motors Corporation
Full Time position
Listed on 2023-05-05
Job specializations:
Engineering
Engineering Design, Automotive Engineer, Mechanical Engineer, Electric Vehicle
Automotive
Automotive Engineer, Electric Vehicle
https://www.learn4good.com/jobs/farmington-hills/michigan/engineering/2309035262/e/
I believe Lordstown Motors and Foxconn are gaslighting Wall Street short sellers.
These Job descriptions were just posted today and one on the 3rd
We will see a deal come together with Foxconn in my book as Lordstown Motors
is wasting no time getting people hired.
He needs to go to jail!
Stephen Burns got a total of 91 million dollars so far selling LMC stock. He seem to have made out better than anyone else here . And a free man deceiving people by the millions . The SEC still has not done a thing. What a shame .
I’m out also here with a small loss. I hope those who lost money here hopefully make it back with a better stock.
Stick a fork in 'em. They're done.
As of March 31, 2023, property, plant, and equipment was reviewed for potential impairment for recoverability by comparing the carrying amount of our asset group to estimated undiscounted future cash flows expected to be generated by the asset group. The Company determined that all our property, plant, and equipment represent one asset group which is the lowest level for which identifiable cash flows are available. As the carrying amount of our asset group exceeded its estimated undiscounted future cash flows for the three months ended March 31, 2023, we recognized an impairment charge of $109.8 million for the three months ended March 31, 2023 based on the difference between the carrying value of the fixed assets and their fair value as of March 31, 2023. No fixed asset impairment charges were recognized for the three months ended March 31, 2022. The fair value was derived from the Company's enterprise value at the time of impairment as we believe it represents the most appropriate fair value of the asset group in accordance with accounting guidance. In particular, the Company’s ability to raise capital is currently severely limited due to the current market environment and Company-specific factors. Therefore, notwithstanding management’s plans and efforts to date, there continues to be substantial doubt about the Company’s ability to continue as a going concern. If we are unable to resolve our dispute with Foxconn in a timely manner on terms that allow us to continue operating as planned, identify other sources of funding, identify a strategic partner and resolve our significant contingent liabilities, we may need to further curtail or cease operations and seek protection by filing a voluntary petition for relief under the Bankruptcy Code. If this were to occur, significant additional impairments may result. Furthermore, the value available to our various stakeholders, including our creditors and stockholders, is uncertain and trading prices for our securities may bear little or no relationship to the actual recovery, if any, by holders of our securities in bankruptcy proceedings, if any.
They're Gaslighting this to burn short sellers. Check this out from yesterday.
RC2 told me to buy low and sell high. Wonder if he has anymore information here.
I’m out.
That report today deflated any hope I had left.
Management screwed up the company and Foxconn added insult to injury.
Not sticking around for bankruptcy.
Too bad.
Then they’ll be just as transparent on their massive losses as RIDE.
RIDE needs to produce vehicles in order to have them serviced…or recalled.
I agree and Foxconn and Lordstown are playing the players.
This is where one watches the crowd and goes the other way.
Hopefully Steve burns buys it back and runs it right
Another recall. Nice. Wonder how many more coming
They have 170 million in cash.
What would a 50 million dollar share buyback from Lordstown accomplish?
1. Raise the share price to over $1.00
2. Make Lordstown motors NASDAQ compliant
3. Meet Foxconn conditions of being NASDAQ compliant so that 117 million from Foxconn would finalize by May 8.
4. Raise the share price significantly so that in light of a potential RS, substantial money could be harvested by Lordstown for future cash flow
5. It would put a major squeeze on all shorts and decimate them in the process.
6. Make Lordstown attractive to more institutional investors thus raising the share price even more.
Yes this is MHO!
Nu Ride's new five-person board is expected to appoint William Gallagher, managing director of M3 Partners — a transaction advisory firm in New York — as Nu Ride's president and CEO, according to the regulatory filing.
Gallagher faced a situation similar to Nu Ride as CEO at WMIH Corp., the public acquisition corporation that succeeded Washington Mutual Inc. — the parent of WaMu Bank in Seattle that was seized by federal thrift regulators in fall 2008. By January 2015, the shell company left over from the failure of Washington Mutual had raised close to $600 million to pursue acquisitions of financial companies that could benefit from its huge, tax-deductible losses, according to a report by the Seattle Times.
Gallagher took over as leader of WMIH in May 2015 "to oversee its acquisition strategy and manage its day-to-day affairs," according to M3 Partners.
He was responsible for "reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups," M3 says.
"Ultimately, WMIH acquired Nationstar Mortgage Holdings to form Mr. Cooper Group," M3 says. Gallagher departed from WMIH after closing the Nationstar acquisition in July 2018.
Bill Gallagher has more than 35 years of experience in finance, investment and financial restructurings. He brings deep expertise in credit analysis and has long-term management experience in the financial services industry.
Prior to joining M3, Bill was the Chief Executive Officer at WMIH Corp (NASDAQ:WMIH), a public acquisition corporation which was the successor to Washington Mutual, Inc., from May 2015 to July 2018. Bill was recruited to WMIH to oversee its acquisition strategy and manage its day-to-day affairs. While there, he worked closely with WMIH’s strategic financial partner, Kohlberg Kravis Roberts & Co. At WMIH, Bill’s responsibilities included reviewing, vetting and analyzing a large number of potential target companies from a variety of different sectors and industry groups. Ultimately, WMIH acquired Nationstar Mortgage Holdings (NYSE symbol NSM) to form Mr. Cooper Group (NASDAQ:COOP). Bill departed from WMIH upon the closing of the acquisition of Nationstar as his job at WMIH was completed.
Prior to WMIH, Bill was CEO and Chief Risk Officer at Capmark Financial Group, formerly known as GMAC Commercial Mortgage (from March 2009 to May 2015). Bill was retained by Capmark to manage its financial restructuring following the global economic crisis and was responsible for the management of the company’s day-to-day affairs, the restructuring of both the company and its assets (including its $15 billion commercial loan portfolio), its bankruptcy process, and its winding down and distribution of assets to creditors and other stakeholders. Capmark was a highly successful restructuring as Bill and his colleagues significantly increased the recovery value to Capmark’s creditors.
Before joining Capmark, Bill was the Chief Credit Officer of RBS Greenwich Capital, the US fixed income investment banking business of the Royal Bank of Scotland, where he was responsible for all aspects of credit risk management. While at RBS Greenwich, Bill was responsible for a wide variety of US corporations and buy-side companies, including corporate borrowers and debt issuers, financial institutions, industrial companies with captive finance businesses, and a variety of US corporations who traded various securities with or through RBS Greenwich.
Earlier in his career, Bill was a Vice President at First Boston Corporation in that firm’s credit risk management department. At First Boston, Bill was responsible for managing credit risk to a wide variety of corporate issuers and financial institutions. Bill began his career at Chemical Bank, where he completed the bank’s credit training program and then worked as a loan officer in the middle market division and a credit officer in the financial institutions division.
Bill has a B.S. in business administration from Syracuse University and an MBA from New York University.
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