They can do acquisitions with a combination of cash and stock. They might just be working on product, but if you look at all the other nontraditional motor groups other than TESLA, most of them have been sold off.
We can look at use of proceeds in the S-1 to see what they want to do with the money.
"We intend to use the net proceeds from this offering to invest in our technology, research and development efforts, manufacturing, marketing, obtain, maintain, expand our intellectual property portfolio and provide funding for working capital and other general corporate purposes. Pending specific utilization of the net proceeds as described above, we intend to invest the net proceeds of the offering in short-term investment grade and U.S. government securities."
R&D and "working capital and other general corporate purposes" ie management and consulting fees...
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