Lordstown Motors announced that it does not have enough current funding to start commercial production and launch of its Endurance electric pickup truck.
In an amended annual report, the company said: “We require additional capital to implement our business plan, and it may not be available on acceptable terms, if at all, creating substantial doubt as to our ability to continue as a going concern.”
The company said it may not be able to last the year.
Lordstown listed several factors that make investing in the company’s common stock risky, one of which is the retooling of its factory in Ohio.
Principal factors that make investing in Lordstown “risky”
- The ability to continue as a going concern
- The ability to execute the business model, including market acceptance of planned products
- The ability to complete the engineering of the Endurance electric pickup truck
- The ability to complete retooling of the manufacturing facility
- The ability to successfully complete testing and start production of the Endurance
- The ability to convert previously reported nonbinding pre-orders into binding orders and sales
- The ability to source suppliers for critical components
- The ability to attract and retain key personnel
Source: Lordstown Motors
