Lordstown Motors: “We have no binding purchase orders or commitments”
Lordstown Motors (NASDAQ: RIDE) can’t seem to keep its story straight. After the events that unfolded earlier this week whereby its CEO and CFO resigned following an internal investigation, the firms president attempted to calm the waters by stating that the company has “binding orders” for the first two years of production.
That, now, has turned out to be a lie.
Within a regulatory filing made this morning, on the topic of purchase agreements, the company stated that “although these vehicle purchase agreements provide us with a significant indicator of demand for the Endurance, these agreements do not represent binding purchase orders or other firm purchase commitments.” The comment was made to “clarify recent remarks by company executives.”
As a follow up, the company then directly states, “to date, we have engaged in limited marketing activities and we have no binding purchase orders or commitments from customers.”
Lordstown Motors last traded at $9.96 in pre-market trading, down 7.42%.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
