The Bull Case for Lordstown Motors Is Dead

Lordstown Motors (NASDAQ: RIDE) was planning to be first to market with an electric pickup truck targeting fleet buyers. Whether the company manages to bring its Endurance truck to market at all is now up in the air.

Bad news has been piling up since the EV upstart reported its first-quarter results on May 24. In that report, the company slashed its guidance for 2021 Endurance production and year-end liquidity, and it raised its outlook for costs. Lordstown said that it was still in a position to ramp up Endurance production, but that it needed additional capital to execute on its plans.

On June 4, Lordstown disclosed that it had received a notice of delinquency from the Nasdaq exchange related to its first-quarter filing. When a company is late filing a quarterly or annual report, there's usually a reason.

Source Fool.com