Unfortunately, it doesn't really clarify the deal for me. Still don't know if it is a private placement (which I suspect), or ANY portion is being bought off the open market... as it appears others have suggested.
I don't see where the $1.76 price is referenced either. What am I missing? The math suggests over $4.37/share ($170M/38.9M shares) so WE KNOW that's incorrect.
And another report ties either the 38.9M shares (or a portion thereof) to $52.7M
will invest an additional $170 million in three phases, with the first $52.7 million due later this month.
So it appears I'm still back where I started, without the specifics to understand exactly what they are doing! And I can't fathom why the company doesn't simply spell it out EXPRESSLY & precisely! Perhaps I'm just missing it, idk. Smdh.
I think it's pretty obvious that what I said months ago is correct. FoxConn will wait while Lordstown bleeds to death, then they will swoop in and take ownership of the IP and absorb what very little is left of the "company" at that point to incorporate whatever small amount of value the "company" has at that point into the MIH platform for their own use.
Steven Burns should be in jail until he has made each swindled investor whole again.
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