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Dinky Dow.
Unfortunately, the beef you are waiting for will end up being ersatz vegie beef or something concocted in test tubes. Not expecting the real steak with current CEO at bat, who is a known prevaricator.
As far as the recent "meeting" for earnings call, this was not a meeting at all.
I predict that annual shareholders meeting without coffee and donuts will be held at the Ayres Hotel in Lake Forest again. Don't expect any freebee gifts anymore, like flash drives or money holders, LOL! If you are lucky you might get some Korean barley tea.
I think ResearchFYI stated it very well. WE ALL KNOW WHO IS PULLING THE STRINGS and it SURE AINT CHUNG, who is JUST A PLACEHOLDER for WINDOW DRESSING ALONE..
Thank you, and yours as well.
Those who served are proud as hell to protect and defend our nation, its benevolence and greatness when compared to any other, in spite of any weaknesses or shortcomings.
I will approve it only after Steve Burns and his son are in jail.
All of the preferred shareholders will gain at the common shareholders expense. Ninvaggi has turned out to be the classic sheister. Remember when he said he was so well connected in capital markets? Remember Carl Icahn? Hell he wouldn't touch this crap with a ten foot pole. As for our CEO, his only job was to sell cars.
What a friggin joke he is. Edward Hightower.
Remember Reverend Hightower in the Scarlet Letter.
He fathered Hester Prim in a moment of incest.
Present Hightower is raping shareholders and a reverse split is the love child.
In my opinion, the reverse split will be 10:1
March 29 – National Vietnam War Veterans Day
Fifty years have passed since the final American military forces left Vietnam and our remaining prisoners of war were returned. Even after the passage of five decades, we still owe these veterans a large debt of gratitude.
During the conflict, political controversy and disagreement were sadly misdirected toward those who had admirably served our nation. When these brave warriors returned from Vietnam, they received neither a hero’s welcome nor appreciation for their service that they deserved, but instead got apathy, anger and hate. Disappointingly, many were left to struggle alone with self-doubt, shame and the memories of those left behind.
After their wartime service ended, these unsung heroes went to work, served in government and became involved in their communities. Vietnam War-era veterans went on to lead Fortune 500 companies, direct Oscar-winning films, create a prominent computer-programming language, map the human genome and many other outstanding accomplishments. Today, there are approximately 6 million living veterans from the Vietnam era – more than 30% of America’s veteran population.
March 29 – National Vietnam War Veterans Day – is dedicated to these heroes. You can honor them by watching the National Veterans Memorial and Museum’s Welcome Home Ceremony at 100 p.m. EDT. The keynote speaker will be Capt. J. Charles “Charlie” Plumb (USN, Ret.), a naval aviator who was shot down and held prisoner in Vietnam for six years. He’s legendary for his story “Who Packs Your Parachute?”
The 50th National Vietnam War Veterans Day is a national opportunity to share our appreciation for the sacrifices made by a generation of veterans. Thank you, Vietnam veterans, for your courage in war and service to our nation, both in and out of uniform.
I wouldn't call a REVERSE SPLIT smoke.
DEFINITELY a RS is a FIRE and a TORCH to ALL common Shareholders. A Gigantic EFF OVER.
March 29 – National Vietnam War Veterans Day
Fifty years have passed since the final American military forces left Vietnam and our remaining prisoners of war were returned. Even after the passage of five decades, we still owe these veterans a large debt of gratitude.
During the conflict, political controversy and disagreement were sadly misdirected toward those who had admirably served our nation. When these brave warriors returned from Vietnam, they received neither a hero’s welcome nor appreciation for their service that they deserved, but instead got apathy, anger and hate. Disappointingly, many were left to struggle alone with self-doubt, shame and the memories of those left behind.
After their wartime service ended, these unsung heroes went to work, served in government and became involved in their communities. Vietnam War-era veterans went on to lead Fortune 500 companies, direct Oscar-winning films, create a prominent computer-programming language, map the human genome and many other outstanding accomplishments. Today, there are approximately 6 million living veterans from the Vietnam era – more than 30% of America’s veteran population.
March 29 – National Vietnam War Veterans Day – is dedicated to these heroes. You can honor them by watching the National Veterans Memorial and Museum’s Welcome Home Ceremony at 100 p.m. EDT. The keynote speaker will be Capt. J. Charles “Charlie” Plumb (USN, Ret.), a naval aviator who was shot down and held prisoner in Vietnam for six years. He’s legendary for his story “Who Packs Your Parachute?”
The 50th National Vietnam War Veterans Day is a national opportunity to share our appreciation for the sacrifices made by a generation of veterans.
My gain (much more than you suggest) was your loss, trader.
Yep, my sale at 0.0885 looks very prescient when I view the PPS today of 0.0635.
I know that most would love to have made a profit of .0250, except those who would poo poo this transaction since denial covers a multitude of miscalculations. Yep, today we ARE HERE, not THERE.
Funny how R&D since 1960's under Puwez and all of the R&D done under Bill Johnson, Atakan Pekar et alia at Caltech in the 80's is conflated into being only 20 years in this post.
Check out all the other research at other institutions.
Check out the successful and commercial development of glass by Allied, Hitachi et alia in Japan.
What a laugh, if I am permitted to say so.
Dates of IPO's in 2002 do not indicate the time invested in this industry. Let's keep it real and factual, please.
There are no current successes to post...just a whole slew of past failures under TC's 15 years at the Company. He can't run from his track record.
All of LQMT's failures are PAST, including the conference call a few days ago.
What we do know is that their have been no PAST SUCCESSES.
Chew on that for awhile.
0.0651 is the low today. sevens are history.
0.0885 - 0.0651 = 0.0234 or 26 per cent drop from where I sold some shares.
I will replace the sold shares at a nickel.
TC indicates the blog will be used to update progress.
This has been done for years already.
No Updates, No Progress.
Pretty darn clear to me.
For a change, this is something relevant for investors to read:
https://www.teslarati.com/foxconn-brings-ev-battery-production-to-two-u-s-states/
At least 50 cents or lower.
https://www.foxconn.com/en-us/investor-relations/event/71
Regard Hon Hai's Conference Call
Typical reaction of a pompous blowhard.
All that Josh boy crap has come to naught.
GLT Boilingman!
Foxconn took big hit with Silicon Valley Bank Collapse.
One radically bound to Hon Hai, as many on this board, may want to see just how much a white Knight Foxconn is going to be for the Endurance.
LOL!
Anybody who thinks liquidity isn't a problem for Foxconn now should have their head examined.
There's nothing wrong with the company...
only something wrong with the buyer of this company.
Especially those who have the notion of practically there.
Only for those who read from the twits with two hands on the stick.
The PPS makes it pretty clear to me, bubba.
Cash is king, except when it is invested in SVB and the like, like LQMT.
Saturday, March 11, 2023 Dan O'Brien
Lordstown Motors Explains Brake Defect on Endurance
LORDSTOWN, Ohio – Lordstown Motors Corp. has filed documents with the National Highway Traffic Safety Administration providing more details about a braking defect that affects some models of its all-electric pickup, the Endurance.
“The electric park brake calipers may have been built with washers that had not been properly heat-treated by the supplier,” documents say. As such, the clamping force of the brakes may degrade over time and “could allow the vehicle to roll after being parked, especially on a high grade, which could increase the risk of a crash.”
Lordstown Motors has not received any reports of accidents or injuries related to this issue, the NHTSA filing states.
Still, the matter prompted Lordstown Motors to initiate its second voluntary recall of the Endurance within a two-week time frame.
Edward T. Hightower, Lordstown Motors president and CEO, disclosed the second recall during a conference call with investors March 6, noting that one of its suppliers alerted the company of the defect.
“They have since supplied us with corrective parts, and we have filed a voluntary recall to address this issue,” he said.
According to the NHTSA filing, the most recent recall affects five vehicles.
On Feb. 20, Akebono Brake Corp. of Farmington Hills, Mich., notified Lordstown Motors that certain rear electric park brake calipers delivered to the company between Nov. 4, 2022 and Feb. 8, 2023 were potentially equipped with faulty thrust washers that were provided to Akebono through a sub-supplier.
The sub-supplier contacted Akebono in early February about the possible problem and subsequently conducted an analysis that determined a “small percentage of washers” had not undergone proper heat treatment.
Once Lordstown Motors analyzed the data, it issued a recall on the Endurance March 1.
Akebono told Lordstown Motors that the rear brake systems are all marked and traceable. Akebono then provided the electric-vehicle manufacturer with shipment identifications of those parking brake systems with potentially defective washers.
Lordstown Motors said only electric park brakes with washers that have been properly heat-treated will be used in future production and all those vehicles in production will be retrofitted with the corrected part.
Lordstown Motors said it would replace those affected systems with new ones at no cost to the owner.
On Feb. 21, Lordstown Motors issued a recall of 19 vehicles after it was discovered that a faulty electronic component caused the Endurance to lose propulsion. Once the vehicle is stopped, “it may automatically shift in neutral” and not restart, according to this NHTSA filing by Lordstown Motors.
Lordstown Motors identified that the source of the problem was a defective busbar that fed electricity to the Endurance’s four hub motors. The supplier, Chinese-based Amphenol Interconnect Products Corp., has developed a new version of the component that would be used in all future vehicles, and those that have been sold would be recalled and the parts replaced.
Meanwhile, production of the Endurance remains on hold as the company works out these quality and safety issues, executives say.
“The company is diligently working with suppliers on the root cause analysis of each issue and potential solutions, which in some cases may include part design modifications, retrofits and software updates,” the company said.
Hightower said the company would announce “in the coming weeks” when it would resume production of the Endurance.
“Performance issues are often discovered as an entirely new vehicle with several new technologies begins operating in new and different environments by customers,” the company noted.
Shares of Lordstown Motors, which trades under the ticker RIDE on Nasdaq, have plunged 24.7% over the last five days. On Friday, the stock briefly traded at 81 cents, the lowest value to date, before closing at 84 cents, unchanged from Thursday.
As of February 2023, Lordstown Motors has completed or is in the process of completing approximately 40 trucks, the company said. A total of six vehicles have been sold.
Lordstown Motors plans to produce a first batch of 500 vehicles this year, Hightower said.
That’s well behind last year’s projections. In February 2022, the company said that it was on track to produce 500 Endurance pickups during that calendar year and 2,500 in 2023.
Lordstown Motors is currently seeking a partnership with another manufacturer to invest in and co-develop the Endurance. Without such an investment, the company could be forced to again halt production of the vehicle.
“Should we not identify a partner in the coming months, we may decide to pause commercial production of the Endurance until a partner is identified,” Hightower said during the March 6 call. Currently, the cost to produce the Endurance is substantially higher than its base sale price of approximately $65,000.
“It’s an upside down margin on each one,” Hightower said of the Endurance. “We believe the most prudent decision is to bring on a partner.”
Lordstown Motors has an investment agreement to produce future vehicles with Taiwanese tech giant Foxconn at Foxconn’s manufacturing plant in Lordstown. However, it does not have such an agreement to continue production of the Endurance.
Foxconn purchased its plant, a former General Motors assembly factory, from Lordstown Motors in May 2022 for $230 million.
Lordstown Motors began production of the Endurance in late September of 2022 and started commercial deliveries that November.
Pictured at top: File photo of production.
Copyright 2023 The Business Journal, Youngstown, Ohio.
Monday, March 13, 2023 Dan O'Brien
Lordstown Motors’ Legal Issues Pile Up
Electric-vehicle manufacturer Lordstown Motors Corp. earmarked nearly $34 million last year toward legal expenses to address litigation and investigations by federal agencies, according to the company’s latest regulatory filing with the U.S. Securities and Exchange Commission.
According to financial disclosures filed March 6, Lordstown Motors reports its selling, general and administrative expenses stood at $138.3 million as of Dec. 31, 2022, “including $33.9 million in litigation accruals.”
Lordstown Motors also recorded $11.4 million in direct legal expenses for the year.
The company or its directors and former directors face extensive legal challenges from shareholder derivative lawsuits, consolidated securities class action lawsuits, a complaint alleging Lordstown Motors violated trade secrets and investigations by the SEC and the U.S. Department of Justice, regulatory filings say.
In October 2020, Karma Automotive LLC filed a complaint in the U.S. District Court for the Central District of California alleging Lordstown Motors, along with several former and current officers and employees, “brazenly stole secrets” from Karma and poached a specialized team of employees. The litigation is ongoing, and the court has scheduled a trial to begin April 11.
“The company is continuing to evaluate the matters asserted in the lawsuit and is vigorously defending against Karma’s claims,” Lordstown Motors stated in its regulatory filing. “The company continues to believe that there are strong defenses to the claims and any damages demanded.”
Between March 18 and May 14, 2021, six securities class action lawsuits were filed in U.S. District Court for the Northern District of Ohio against Lordstown Motors, according to records.
These suits were filed in the wake of short-seller Hindenburg Research’s scathing analysis of Lordstown Motors that March. The report alleged the company and its executives inflated the number of preorders for its inaugural vehicle, the all-electric Endurance pickup.
A subsequent internal inquiry found that executives had made public misstatements about the Endurance. Lordstown Motors founder and CEO Steve Burns, along with the company’s chief financial officer, resigned in June 2021.
The lawsuits, which have since been consolidated, allege the company and individual defendants made “material false and misleading statements” related to preorders of the Endurance and its production timeline, according to regulatory filings.
The value of Lordstown’s shares began to nosedive shortly after the Hindenburg report. On Feb. 12, 2021, shares of Lordstown Motors, which trades on Nasdaq under the ticker RIDE, closed at $26.91 per unit. By May 14, its share value had plummeted to $7.33.
On Friday, the stock briefly traded at 81 cents, the lowest value to date, before closing at 84 cents, unchanged from Thursday.
The Hindenburg report also unleashed a series of stockholder derivative lawsuits against company directors and officers and former officers of DiamondPeak Holdings Corp., the blank-check company that took Lordstown Motors public in October of 2020.
Between April 28, 2021, and Dec. 2, 2021, six stockholder derivative lawsuits were filed against officers, directors or former officers and directors of Lordstown and DiamondPeak. Four were filed in U.S. District Court for the District of Delaware and are now consolidated. One complaint was filed in the U.S. District Court in Northern Ohio and another in the Delaware Court of Chancery.
These complaints allege that DiamondPeak and Lordstown Motors executives, officers or former officers and employees breached their fiduciary duties, engaged in insider selling and received “unjust enrichment” as result, documents show.
Also, two class action lawsuits were filed against DiamondPeak directors and DiamondPeak Sponsor LLC on Dec. 8 and 13, 2021.
And Lordstown Motors acknowledged in 2020 that it had received two subpoenas from the SEC requesting documents related to the company’s merger with DiamondPeak and preorders of the Endurance. It was also informed that the U.S. Attorney’s Office for the Southern District of New York was investigating these matters, filings show.
“The company has cooperated, and will continue to cooperate, with these and any other regulatory or governmental investigations and inquiries,” the latest SEC filing states.
Lordstown Motors stated in its filing March 6 that it has already racked up substantial legal costs. “We have already incurred, and expect to continue to incur, significant legal expenses in defending against these claims,” the filing says. Moreover, the company warned that its insurance might be insufficient to cover losses associated with any legal settlements or court orders, the filing noted.
Lordstown Motors’ legal issues compound other challenges facing the company, including quality matters with the Endurance and production costs.
Since Burns’ resignation in June 2021, Lordstown Motors has completely overhauled its management team and business structure. In May 2022, the company sold its Lordstown manufacturing plant to Foxconn for $230 million and has secured another $100 million investment toward the development of future vehicles. Production of the Endurance officially began during the third quarter of 2022, and commercial sales of the vehicle began last November.
The company has struggled with securing enough capital to maintain limited production of the Endurance and is actively searching for an original equipment manufacturer, or OEM, to invest in the Endurance.
On March 6, the company cautioned that it could “pause” production of the Endurance pickup this year should it not find a partner to co-develop its flagship vehicle.
“Should we not identify a partner in the coming months, we may decide to pause commercial production of the Endurance until a partner is identified,” its president and CEO, Edward Hightower, said during a conference call with analysts to discuss the company’s 2022 year-end and fourth-quarter earnings.
As it stands, Hightower says, the cost to build the Endurance is materially higher than its sale price.
While the company has an investment agreement with Foxconn to develop future vehicles, it does not have one for the Endurance.
“It’s an upside down margin on each one,” Hightower says of the Endurance. “We believe the most prudent decision is to bring on a partner.”
Discussions with potential partners are ongoing, he adds.
The statements come on the heels of a voluntary recall the company initiated last month that has already led Lordstown Motors to temporarily halt production of the Endurance. The recall affected 19 vehicles either in customers’ hands or owned by the company. To date, Lordstown Motors reports that it has sold six vehicles.
Hightower says the company would announce “in the coming weeks” when it would resume production of the Endurance.
Meanwhile, the CEO says a new vehicle is in the works with Foxconn, and he remains optimistic about the future of Lordstown Motors.
“The next platform and vehicle program are key to Lordstown Motors’ long-term business strategy and are becoming a greater portion of our company’s focus,” Lordstown Motors said.
Copyright 2023 The Business Journal, Youngstown, Ohio.
Well, I did get out at the peak today: only one to exit at 0.0885.
Looks like we are headed back to the sevens.
Good Luck to all deserving investors, especially those who walk more than they talk.
It should be obvious to anyone but the most naive that one never trusts what is posted on this board.
This is so basic, so fundamental that such a question should not be addressed. Nevertheless, out of an abundance of concern for others, I dare to publish the obvious.
In my opinion, the stock PPS has peaked.
There is absolutely no interest in this stock...no volume...no willingness to gamble on a positive outcome for tomorrow's blow-out CC. The stock is just whimpering around an artificial high.
Day traders pushing this stock are going to have painful wedgies tomorrow.
Amazon breaking exclusivity agreement with RIVN.
Now open to buying trucks from other suppliers.
This tells me that AMZN concerned about likely price increase by RIVN and this is probably part of the renegotiation. RIVN is between a rock and a hard stand.
Could be beneficial to RIDE. Just my opinion.
I believe MIH and RIDE are working on a van!
Annoying argumenters!
Most of the noise in social media is not from sources cited. Rather from those citing sources.
The rally ended on Friday, I am afraid. Missed opportunity for sell off, it appears to me.
Good Luck to all those who deserve it.
Joshua is the same as Isaac Bresnick.
"If TC pulls it off this quarter, I will be impressed too, but not surprised. It's not like Chung and Bresnick couldn't find employment elsewhere. They may or may not have already pulled it off this quarter, but I do not doubt they will succeed."
What gives you so much confidence?
Balderdash